$2500 Fannie/Freddie Credit

Bridge the gap between savings and the cash needed to purchase a home with this new Fannie/Freddie credit!

Freddie Mac's Home Possible loan offers affordable solutions to lower income borrowers with down payment requirements as little as 3%, and no geographic limits on loan amounts

Borrowers with a qualifying income of less than or equal to 50% of the applicable area median income (AMI) of the subject property's location are eligible

The full amount of the $2,500 credit must be provided directly to the borrower through the transaction, such as being applied to down payment and closing costs, including escrows and mortgage insurance premiums

This credit will be effective for mortgages with settlement dates on or after Mar. 1, 2024 and on or before Feb. 28, 2025

1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions

Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity

Qualifying income is limited to 80% of Area Median Income (AMI), effective July 28, 2019. There are no geographic limits on loan amounts

To continue to support homeownership opportunities and provide entry for low-income borrowers, Fannie Mae and Freddie Mac are implementing a new $2,500 credit to help with down payment and other closing costs.

For a limited time, eligible borrowers can take advantage of the Fannie Mae credit through the HomeReady program, while borrowers can get the Freddie Mac credit through the Home Possible® program. Borrowers will receive the $2,500 through your lender, which Fannie Mae or Freddie Mac will later reimburse.