Freddie Mac Home Possible Advantage
- Requires only 3% down payment
- Down payment can be a gift from a relative
- No reserves required
- Lower than typical PMI coverage required
- Example: 95-97% LTV = 18% coverage instead of 35%
- Loan rate not dependent on credit score, pending Freddie Mac approval
- Receive up to a $500 gift card at closing*
The Freddie Mac Home Possible Advantage is a great mortgage option if you don’t have the funds for a large down payment and live below the Area Median Income. Apply online or call us at (812) 469-9928 or 1-800-800-9271 to get started.
*Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer.
Area Median Incomes
| FY 2015 Income Limit Area | 100% Median Income |
|---|---|
| Crawford County | $47,900 |
| Daviess County | $57,700 |
| Dubois County | $69,200 |
| Gibson County | $66,600 |
| Greene County | $55,200 |
| Knox County | $56,900 |
| Perry County | $60,900 |
| Pike County | $52,600 |
| Posey County | $63,400 |
| Spencer County | $67,500 |
| Sullivan County | $58,700 |
| Vanderburgh County | $63,400 |
| Warrick County | $63,400 |
| FY 2015 Income Limit Area | 100% Median Income |
|---|---|
| Breckinridge County | $50,200 |
| Butler County | $47,600 |
| Calloway County | $58,700 |
| Daviess County | $57,500 |
| Grayson County | $43,900 |
| Hancock County | $57,500 |
| Henderson County | $63,400 |
| Hopkins County | $53,600 |
| Livingston County | $49,300 |
| Lyon County | $55,600 |
| Marshall County | $59,500 |
| McLean County | $57,500 |
| Muhlenberg County | $48,000 |
| Ohio County | $44,800 |
| Trigg County | $51,400 |
| Union County | $48,500 |
| Webster County | $63,400 |
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Loans are subject to credit review and approval. Closing costs may apply. A sample principal and interest payment on a (30)-year $150,000 fixed rate loan amount with a 4.250% interest rate (4.317% APR) and 3% down is $715.77. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 Gift Card. Not valid in combination with any other offer. Liberty FCU mortgage lending product availability may vary based on property location.