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Tuesday’s Touch 12-9-14 Freddie Mac Launches Home Possible Advantage Program with 97% LTV- taken from housingwire.com b.swanson Freddie Mac announced its Home Possible Advantage program, an affordable conforming conventional mortgage with a 3% down payment to help more first-time home-buyers jump into the market. Home Possible Advantage gives qualified borrowers with limited down payment savings a responsible path to homeownership and lenders a new tool for reaching eligible... working families ready to own a home of their own. Home Possible Advantage is Freddie Mac’s newest effort to foster a strong and stable mortgage market, Dave Lowman, executive vice president of Single-Family Business at Freddie Mac. The new program offers qualified low-and moderate-income borrowers a conforming conventional mortgage with a maximum loan-to-value of 97% and can be used to buy a single unit property or for a no cash out refinance of an existing mortgage. However, borrowers must participate in an acceptable education program, like Freddie Mac’s CreditSmart, to qualify for Home Possible Advantage. Since this product is a lot newer for Freddie, it is waiting to implement the product until March 23, 2015 to give itself more time to do some foundation work, officials said on a conference call with reporters Monday morning. Meanwhile, Fannie Mae is rolling out an option for qualified first-time home-buyers that will also allow for a down payment as low as 3%. *All information deemed reliable but not guaranteed. For tax, investment or ownership advice we suggest you contact an attorney or certified public accountant. See more