No cash-outs are allowed though in the case of a refinance. It is possible, however, to close on both the home you are selling and the home you are buying on the same day.Ī Home Possible program can be used for purchases or refinances. If you own a property, you would need to sell your current home before taking on a Home Possible mortgage. It does not restrict buyers who are looking to upgrade however, you cannot own any other residential property to approve for a Home Possible program. Home Possible mortgages help first-time home buyers. This program can help you go from just renting a house to owning your own home. Home Possible mortgages are designed for low to moderate income home buyers as well as first-time home buyers and younger borrowers. It is a more affordable option due to its smaller 3% to 5% down payment requirement. Home Possible is a conventional loan program created by Freddie Mac.
