Home Possible® Mortgage Loans
Everyone deserves the opportunity to achieve the dream of homeownership. That’s why we offer Home Possible® Mortgage Loans from Freddie Mac, designed to provide flexible, affordable options for first-time homebuyers and low-to-moderate income borrowers. Home Possible® is a Freddie Mac mortgage program that offers low down payment options and flexible credit terms to help make homeownership more accessible. Whether you’re a first-time homebuyer or looking to refinance, Home Possible® can be an excellent solution for you.
Membership eligibility requirements apply, with approval subject to application, credit, and property considerations.
Why Choose a Home Possible® Mortgage?
Low Down Payments: With down payments as low as 3%, Home Possible® makes it easier to afford your new home.
Flexible Credit Requirements: This program is designed to accommodate borrowers with diverse financial backgrounds, including those with limited credit history.
Competitive Rates: Take advantage of competitive interest rates that make your home purchase or refinance more affordable.
Variety of Property Types: Home Possible® loans can be used for single-family homes, condos, and multi-unit properties.
Refinance Options: Home Possible® also offers refinancing options, helping you take advantage of lower rates and better terms.
Benefits of Home Possible® Mortgages
Affordable Homeownership: Low down payments and flexible terms make it easier to buy a home without a large upfront cost.
Flexible Sources of Funds: Use gifts, grants, or savings for your down payment and closing costs.
Homebuyer Education: Home Possible® encourages financial literacy by requiring homebuyer education for first-time buyers, helping you make informed decisions.
Community Focus: This program aims to strengthen communities by helping more people become homeowners.
How a Home Possible® Mortgage works
A Home Possible® Mortgage is a Freddie Mac conventional mortgage program designed to make homeownership more accessible for eligible borrowers. It offers low down payment options, flexible sources of funds, and guidelines that may help qualified borrowers who meet income and property requirements.
Your eligibility depends on several factors, including income, credit profile, debt-to-income ratio, property location, property type, occupancy, and underwriting requirements.
Loan details
Here is a quick look at how a Home Possible® Mortgage Loan works.
| Feature | Home Possible® Mortgage Loan |
|---|---|
| Program type | Freddie Mac conventional mortgage program |
| Down payment | As low as 3% for eligible borrowers |
| Income limits | Income limits generally apply based on the area median income for the property location |
| Occupancy | Primary residence requirements apply |
| Funding sources | Eligible savings, gift funds, grants, employer assistance, and approved assistance programs may be used |
| Homebuyer education | May be required, especially for first-time homebuyers |
| Mortgage insurance | May be required depending on down payment, loan-to-value, and program guidelines |
| Approval | Subject to credit approval, property approval, income verification, and underwriting requirements |
| Membership | Membership and eligibility requirements apply |
Check income and property eligibility
Home Possible® eligibility is based in part on the property location and borrower qualifying income. Freddie Mac provides an income and property eligibility tool that can help estimate whether a property may meet Home Possible® income limit guidelines.
The tool is a helpful starting point, but it does not guarantee approval. Final eligibility is determined through mortgage application review, underwriting, and Freddie Mac program guidelines.
Down payment and funding options
One of the main benefits of Home Possible® is the ability to use flexible sources of funds for your down payment and closing costs. This may help eligible borrowers buy a home without relying only on personal savings.
- Personal savings
- Gift funds from eligible sources
- Grants
- Employer assistance
- Approved down payment assistance programs
- Other eligible sources allowed by program guidelines
A mortgage loan officer can help you review which funding sources may be available for your situation.
Homebuyer education
Homebuyer education may be required for Home Possible® borrowers, especially first-time homebuyers. This education can help you understand the mortgage process, budgeting for homeownership, and what to expect after closing.
Your mortgage loan officer can help confirm whether homebuyer education is required for your application and which course options may be accepted.
Home Possible® vs. other mortgage options
Home Possible® is one of several mortgage options available through People Driven Credit Union and Member First Mortgage. The right fit depends on your income, down payment, credit profile, property type, and long-term plans.
| Mortgage Option | Best For | What to Know | Learn More |
|---|---|---|---|
| Home Possible® Mortgage | Eligible low-to-moderate income borrowers who want a low down payment option | Income limits and property requirements apply. You’re viewing this option. | You’re viewing this option |
| Freddie Mac Fixed Rate Mortgage | Borrowers who want a conventional fixed-rate mortgage with predictable principal and interest payments | Down payment, PMI, and underwriting requirements vary by borrower and program. | View Freddie Mac Fixed Rate Mortgage |
| Fannie Mae Fixed Rate Mortgage | Borrowers comparing conventional fixed-rate mortgage options | Fixed principal and interest payments can make budgeting easier over time. | View Fannie Mae Fixed Rate Mortgage |
| Adjustable Rate Mortgage | Borrowers who may sell, refinance, or adjust their mortgage strategy before the rate adjusts | The rate may change after the initial fixed-rate period. | View Adjustable Rate Mortgage |
| Zero Down Purchase Program | Eligible borrowers looking for a low upfront down payment option | Program requirements, approval, and underwriting guidelines apply. | View Zero Down Purchase Program |
Meet Our Mortgage Loan Officer
Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.
Michelle Dzon
Member First Mortgage, LLC (MFM)michelle.dzon@memberfirstmortgage.com
Connect with Michelle
616-301-1714 | NMLS ID: #401292 | People Driven Credit Union NMLS ID: #776727
How to apply for a Home Possible® Mortgage
You can start by requesting a personalized quote or applying online. A mortgage loan officer can help you review income limits, down payment options, property requirements, and available mortgage programs.
- Request a personalized mortgage quote
- Review your income and property eligibility
- Discuss down payment and funding options
- Gather income, asset, and identification documents
- Submit your mortgage application for review
- Review your approved loan terms before moving forward
Documents you may need
When you apply for a mortgage, you may need documents that help verify your identity, income, assets, employment, and insurance information.
- Driver’s license or state-issued ID
- Most recent 30 days of pay stubs
- Last 2 years of W-2 forms
- Last 2 years of federal tax returns, if requested
- Most recent 2 months of bank statements, including all pages
- Documentation for gift funds, grants, or down payment assistance, if used
- Contact information for your homeowner’s insurance agent, if applicable
Additional documentation may be requested based on your loan type, income, property, or financial situation.
Membership and mortgage eligibility
Home Possible® Mortgage Loans are available to qualifying People Driven Credit Union members. Membership is open to those who live, work, worship, or attend school in Michigan, plus relatives of current members.
A $5 Membership Share Savings deposit establishes membership. Membership and eligibility requirements apply. Mortgage approval is subject to credit approval, property approval, income verification, and underwriting requirements.
People Driven Credit Union is an Equal Housing Opportunity Lender. NMLS #776727.
Frequently asked questions
Meet Our PDCU Mortgage Specialist
Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.
Michelle Dzon
Member First Mortgage
michelle.dzon@memberfirstmortgage.com
Connect with Michelle
616-301-1714 | NMLS ID: #401292
Michelle Dzon
Member First Mortgage
michelle.dzon@memberfirstmortgage.com
616-301-1714 | NMLS ID: #401292
Private mortgage insurance, or PMI, is insurance that helps protect the lender if a borrower stops making payments on a conventional mortgage loan. PMI is typically required when your down payment is less than 20% of the home’s purchase price or original value.
When PMI is usually required
PMI is most commonly required on a conventional mortgage when you put less than 20% down. It increases the cost of the loan, but it may also help you qualify for a mortgage sooner if you do not have a larger down payment.
When PMI may be removed
In many cases, you can ask to remove PMI once your loan balance reaches 80% of the home’s original value and you meet the lender’s requirements. In general, PMI is automatically terminated when your loan balance is scheduled to reach 78% of the home’s original value, as long as your loan is current.
Need help?
If you have questions about PMI or your mortgage options, connect with a mortgage loan officer for personalized guidance.
An NMLS ID is a unique identification number assigned to mortgage loan originators and mortgage lending institutions through the Nationwide Multistate Licensing System & Registry. It helps identify the person or company handling your mortgage and supports transparency in the mortgage process.
Why it matters
An NMLS ID allows consumers to verify the identity and licensing information of a mortgage professional or lender. It can also help you confirm who you are working with when you review mortgage advertisements, emails, disclosures, and loan documents.
Where you may see it
You may see an NMLS ID on mortgage websites, marketing materials, email signatures, loan paperwork, and other mortgage-related communications. If you want to look up a mortgage professional or lender, you can search the NMLS Consumer Access website.
Need help?
If you have questions about an NMLS ID or want help identifying the mortgage professional working with you, call 844-700-7328 during business hours.
When you apply for a mortgage with People Driven Credit Union, you will generally need documents that help verify your identity, income, assets, employment, and insurance information. Having these items ready can help move your application along more smoothly.
Documents you may need for a PDCU mortgage application
- Copy of your driver’s license or state-issued ID, to verify your identity and legal name
- Last 2 years of W-2 forms, to review your employment history and income consistency
- Most recent 30 days of pay stubs, to confirm your current income
- Last 2 years of federal tax returns, including all schedules, to help review your full financial picture
- Most recent 2 months of bank statements, including all pages, to verify assets, down payment funds, and available reserves
- Contact information for your homeowner’s insurance agent, if applicable, to help prepare for closing and insurance requirements
Why these documents matter
These documents help People Driven Credit Union review your mortgage application and determine whether you meet program and underwriting requirements. Depending on your loan type or financial situation, additional documentation may also be requested.
Helpful tips
- Gather your documents before you start the application
- Make sure bank statements include every page
- Use clear scans or photos if you are uploading documents
- Be ready to provide additional information if requested
If you have questions about what to prepare or want help getting started, connect with a mortgage loan officer for additional guidance.
To check the status of your loan application, contact People Driven Credit Union at 248-263-4100 during business hours or reach out to your assigned loan specialist if you have their contact information. Be ready to verify your identity and share details such as your name, member number, or application number so we can review your application with you.
When you check your status, it is also a good idea to ask whether any additional documents or information are needed to keep your application moving. Review times can vary based on the loan type and the information required, so contacting us directly is the best way to get the most current update on your application.
Disclosures
|
Equal Housing Lender. Member First Mortgage, LLC (MFM) NMLS ID# 149532. All loans are subject to credit approval. Terms and conditions apply. Program availability is subject to change without notice. |
Available to all members using a conventional mortgage loan program on a purchase transaction with People Driven Credit Union in the State of Michigan. Not eligible on multi-unit properties, condos, townhomes, or manufactured houses. The Loan Example is current as of 9/9/2025 and based on a $200,000 loan amount with a conventional 30-year fixed rate term (360 monthly principal and interest payments of $1,231.43); 0% Down Payment; 6.25% Interest Rate with an Annual Percentage Rate (APR) of 6.465%. Rates quoted assume excellent borrower credit history. Payment example does not include taxes and insurance; the actual payment obligation will be higher. The cost of Private Mortgage Insurance (PMI) is waived as part of this promotion, to be paid by the Lender. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Member First Mortgage, LLC (MFM) is a partner of People Driven Credit Union. Michelle Dzon #401292, is authorized to act as agent of People Driven Credit Union (24333 Lahser Road, Southfield, MI 48033 | (248) 263.4100 | NMLS ID: 776727) and is authorized to represent Member First Mortgage, LLC, a licensed Mortgage Lender/Servicer (Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | (616) 538.1818 | NMLS ID: 149532). For licensing information, please visit www.nmlsconsumeraccess.org. Equal Housing Opportunity.
SAFE Act Compliance Testing:
We conduct annual independent testing of our mortgage compliance in accordance with the SAFE Act (Reg G) requirements.
All other trademarks are the property of their respective owners.
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People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727 |
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