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Mac Tools Too l Trucks – Own Your Own Automotive Tool Franchise and Be Your Own Boss™ In addition to manufacturing a wide variety of outstanding automotive tools, Mac Tools provides one of the best franchise opportunities available to qualified candidates with a passion for the automotive industry. Our franchisees get to enjoy the freedom of life on the road while selling. New, used and refinancing available on autos and vehicles, including ATVs, snow machines and travel trailers and RVs. Purchasing a vehicle is a big decision and a lot of research is required throughout the process. Because you’ve probably spent countless hours looking at sales prices, crunching numbers, verifying mileage stats, reviewing safety ratings, and more,.

• Single-Family

Updated Home Possible Offering

We’ve added credit flexibilities and simplified Home Possible® mortgage requirements by consolidating Home Possible and Home Possible Advantage® into a single offering. See more about the changes in Single-Family Seller/Servicer Guide (Guide) Bulletin 2018-13. Check out updated mortgage highlights on this page.

Maximum Financing and Flexibility - Three Percent Down Payment Solution with Expanded Options

The Freddie Mac Home Possible® mortgage offers more options and credit flexibilities than ever before to help your very low- to moderate-income borrowers attain the dream of owning a home.

In addition to its down payment requirement of as little as 3 percent, Home Possible now offers more options to responsibly increase homeownership for more of your borrowers. Do-it-yourselfers can apply sweat equity to assist in meeting their down payment and closing costs, co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers can own one additional financed property, and more – all with competitive pricing and the ease of a conventional mortgage.

We’re helping you provide affordable solutions to more creditworthy borrowers so you can enhance your business and your communities at the same time.

Watch the video to the right, and learn more below, to Discover the Possibilities with Home Possible.

Mortgage Features

• Loan to Value (LTV) Ratios: Low down payment with a maximum of 97% LTV, 105% TLTV, 97% HTLTV for 1-unit properties.
• Property Options: 1-4 units, condos and planned-unit developments; manufactured homes are eligible with certain restrictions.
• Flexible Sources of Down Payments: Down payment can come from a variety of sources, including family, employer-assistance programs, secondary financing, and sweat equity.
• Mortgage Insurance (video): Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home's appraised value, and MI coverage requirements are reduced for LTV ratios above 90 percent.
• Pricing: Credit fees are capped and less than standard fees for all loans over 80 percent LTV.
• Mortgage Flexibility: 15- to 30-year fixed-rate mortgages; 5/1, 5/5, 7/1 and 10/1 ARMs; super conforming mortgages.
• Refinance Options: No cash-out refinancing option is available for borrowers who occupy the property.
• Income Flexibility: No income limits in low-income census tracts, and otherwise limited to 100 percent Area Median Income (AMI). No geographic limits on loan amounts. Use the Home Possible Income & Property Eligibility Tool to see income limits for specific properties or submit to Loan Product Advisor® to determine Home Possible income eligibility.
• No Credit Score Necessary: Qualified borrowers without credit scores are eligible for mortgages with down payments as low as 3 percent. Learn more.

* Mortgage features are subject to additional requirements in our Single-Family Seller/Servicer Guide.

Advantages for Your Business

• Expand your market opportunity: Accommodate borrowers in a wide range of life stages from millennials purchasing their first home, to move-up borrowers and retirees considering downsizing.
• Expand your business by meeting a greater variety of client needs: Offer enhanced credit flexibilities to meet the needs of diverse individual borrower situations, giving them the practical solutions to own a home.
• Overcome the down payment barrier: Capitalize on a low 3 percent down payment solution and lend up to 105 percent TLTV with an Affordable Second® on a 1-unit property.
• Benefit from certainty: Choose to qualify through Loan Product Advisor for greater certainty in the loans you sell to Freddie Mac.

Benefits to Your Borrowers

• Realize the milestone of homeownership: without the barrier of gathering a 20 percent down payment.
• Apply sweat equity: for up to the entire amount of the down payment and closing costs.
• Non-occupying co-borrowers can contribute: to borrower funds on one-unit properties.
• Cancel mortgage insurance: upon reaching 20 percent equity, reducing the monthly mortgage payment and potentially saving thousands over the life of the loan.
• Enable empowered decisions: and life-long responsible homeownership with required financial literacy education, which can be fulfilled by Freddie Mac’s online, free CreditSmart® tutorials.

Information for lenders

Freddie Mac Home Possible mortgages are designed to grow your business and attract low- and moderate-income borrowers, first-time homebuyers, and underserved communities. Use the resources below and discover why a Home Possible mortgage may best fit for your borrowers' needs.

1. Get the facts about Home Possible.
   

   Home Possible Fact Sheet - effective October 29, 2018	Freddie Mac Affordable Seconds®
   Consolidated requirements announced in Guide Bulletin 2018-13	Secondary Financing:

2. Other Things You Need to Know:

   • Home Possible Income & Property Eligibility tool – Use this quick tool to easily determine if your borrower meets the income requirements for a Freddie Mac Home Possible mortgage.
   • Down Payment Assistance – Help your borrower find down payment programs in your area.
   • Training Opportunities – Take a deep dive and learn how to originate Home Possible mortgages.
   • Find details on Home Possible mortgages in Chapter 4501 of The Single-Family Seller/Servicer Guide.

Reach out to real estate professionals, housing counselors and mortgage brokers

Spread the word about Home Possible among your real estate professional, housing counselor and mortgage broker network using the following resources:

1. Customizable postcards:
   

   Postcard for REPs

   Postcard for Brokers

2. Freddie Mac Real Estate Professionals Resource Center – Send real estate professionals to this comprehensive resource website.
3. Freddie Mac Housing Counselors Resource Center – Direct the housing counselors in your network to Freddie Mac's website dedicated to serving their needs.
4. Down Payment Assistance – Point your partners to DownPaymentResource.com to help them help their clients find down payment funds.
5. Networking and Training Opportunities – Build your network of housing counselors and real estate professionals at these events.
6. Mortgage Broker Resources – Refer to Lender Resources for more information.

Outreach to potential borrowers

Let potential borrowers know how you can help them achieve their dream of homeownership with these FREE resources:

1. CreditSmart® – Steps to Homeownership: Did your borrower qualify for a Home Possible mortgage? This FREE online tutorial by Freddie Mac will help first-time homebuyers to fulfill their homeownership education requirement.
2. Down Payment Assistance: Help your mortgage-ready borrower find down payment and closing cost assistance through DownPaymentResource.com.
3. Place your logo on these marketing materials and reach out to potential homebuyers (See Instructions, Terms of Use and Print Specs):
   Your Step-by-Step Mortgage Guide: From Application to Closing: Help homebuyers navigate the mortgage process so that they take the right steps to purchase their home. Add your contact information and logo to the front and back covers.
   

   English	Spanish
   Mortgage Guide – Updated	Mortgage Guide – Updated

   
   

   Paint the Walls Any Color You Want
   Version 1	Version 2

   
   

   Looking for your next home? Consider Condos

   
   

   Go from renting to owning

   Do you picture your child in their own home one day?

4. Does your potential borrower need homeownership information and counseling? Direct them to:

Home Possible Income & Property Eligibility Tool

Credit Score For Mac Tool Box

Freddie Mac's map-based Home Possible Income & Property Eligibility tool makes it easy to determine if your borrower meets the income requirements for a Freddie Mac Home Possible mortgage.

It depends on what you want to happen.

If you want to keep the financed tools, then you keep them and keep paying on them. If you want to surrender the tools and wipe out the debt, then you can give them back to Mac Tools.

When you file bankruptcy, there are certain debts that are secured, which means that they are attached to things. A mortgage is secured by a house, a car loan is secured by your car, and if you are a high-end mechanic, then there’s a good chance that your giant rolling red tool box and vast assortment of tools hand-forged by Vulcan himself are secured by a loan through GreenSky (or Mac Credit).

In a chapter 7, you file a statement of intention saying that you want to keep the tools. Then you can reaffirm the debt by signing a reaffirmation agreement with GreenSky. However, GreenSky is one of those creditors who really doesn’t care about the reaff. They just want you to keep paying. If you keep paying, you keep the tools. If you stop paying, they’ll gladly pick them up.

In a chapter 13, we roll the financed tools into your chapter 13 plan payments over a 5 year plan.

So nothing will happen to your tools, so long as you keep paying GreenSky each month.

Credit Score For Mac Tool Chest

And in case you’re wondering, I’ve found them very pleasant to speak with on the phone (unlike the picture above). Here is their contact information if you’re keeping your tools and making a payment: