Home Possible® Mortgage (Freddie Mac)

Freddie Mac HomePossible Mortgage WA StateHome Possible® Mortgage (Freddie Mac)

The Home Possible® mortgage is a low down payment conventional loan designed to help homebuyers with moderate income purchase a primary residence with more flexibility and lower upfront costs.

Backed by Freddie Mac, Home Possible allows qualified buyers in Washington State to buy a home with as little as 3% down, while offering reduced mortgage insurance and competitive interest rates.

This program is especially popular with first-time homebuyers in higher-cost areas like Seattle, King County, Pierce County, and Snohomish County, where affordability and long-term cost matter.

Why buyers choose Home Possible

  • 3% minimum down payment
  • Lower mortgage insurance than many low-down-payment options
  • Mortgage insurance can be canceled once equity requirements are met
  • Gift funds allowed
  • May be combined with eligible down payment assistance programs
  • Competitive rates in many market conditions

Who Home Possible works best for

  • First-time homebuyers (or buyers who haven’t owned in the last 3 years). NOTE: You don’t have to be a first-time homebuyer to use this program.
  • Buyers with limited down payment savings
  • Buyers earning moderate income for their county
  • Buyers who want a conventional loan instead of FHA
  • Buyers purchasing a primary residence
  • Homeowners looking to refinance that meet the income requirements.

Home Possible does include income limits, which vary by county and household size. In many Washington counties, these limits are higher than expected due to higher area median incomes.

Home Possible vs FHA (Quick Snapshot)

Feature Home Possible FHA
Minimum Down 3% 3.5%
Loan Type Conventional Government
Mortgage Insurance Lower, cancellable Upfront + monthly
Income Limits Yes No
Best For Long-term savings Flexible credit

How Home Possible fits into Washington mortgage programs

Home Possible is one of several mortgage options available to Washington homebuyers. The right choice depends on credit, income, down payment, property type, and long-term plans.

Many buyers compare Home Possible with:

  • HomeReady®
  • FHA loans
  • VA loans
  • USDA rural loans
  • Down payment assistance strategies

👉 Learn more about the Home Possible mortgage in Washington State

👉Mortgage Programs in Washington State