Put Your Handyman Skills to Work Instead of Cash for Your Down Payment
The Freddie Mac Home Possible® mortgage offers more options and credit flexibility to help very low- to-low-income borrowers become home owners. To qualify for this program, you must have a credit score of at least 660 and have as low as 3% down payment. The interest thing about this particular program is, you can apply “sweat equity” and put your construction skills to work to pay your down payment and closing costs instead of cash!
According to Freddie Mac, sweat equity is calculated as follows:
* The value of the labor performed must be estimated by the appraiser or a cost- estimating service and documented in the appraisal report or separately in the mortgage file.
* The value for materials furnished must either be estimated by the appraiser or a cost estimating service, or be calculated using receipts from the purchase of the materials, or be documented by receipts from the purchase of the materials.
* Any labor performed must be completed in a skillful manner to support the appraised value and must be certified by an appraiser.
And, there is no limit to the amount of sweat equity you can put into your mortgage, if you want to go beyond 3% down. 
There are many more interesting perks about Home Possible that make it a viable solution for first time buyers, seniors looking to downsize, newlyweds, people with a non-occupant co-signer, or even renters with long-term roommates that would continue to board. 
Give me a call to find out if Home Possible is your ticket to home ownership!