Texas Freddie Mac’s Home Possible Neighborhood Solution Mortgage
The high cost of housing can make it a challenge for borrowers that support our community to live in it. Freddie Mac has a program to provide affordable mortgages for firefighters, law enforcement officers, teachers, healthcare workers, and military personnel.
Eligible properties include single family homes and condo. You can also refinance a current mortgage with this type of loan. Manufactured homes are not eligible. Borrowers must occupy the mortgaged home as their primary residence. Your recent credit should be mostly good but need not be perfect. Income must be appropriate for the amount of the proposed monthly mortgage payment. After closing, the customer is required to have a cash reserve equal to one month’s mortgage payment.
Key features and benefits include the following:
- Loan amounts up to 97% of the property appraised value
- Low finance rate
- Choice of variable or fixed rate
- Term of up to 40 years
- Low mortgage insurance requirements which helps keep payments low
- Homebuyer education is available but not required
- Temporary buy down subsidies are allowed to make payments extra low for up to three years
If you qualify, the Neighborhood Solution Mortgage will often be your best choice for home financing. Texas Capital Mortgage supports this program and offers mortgage consultations without obligation. Our home office is in Houston and we provide loans anywhere in Texas. Call us at 281-537-7800 for more information!
Texas Capital Mortgage - 28 FM 1960 West - Houston, TX 77090
Office Phone: 1- 866-433-0500 toll free Fax: 832-565-1656
NMLS# 304162
We provide service for the entire state of Texas.
Our goal is to provide your with the best mortgage products with low rates and superior service. Call one of our experienced mortgage loan origionators for a rate quote or answers to your financing questions.
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