Have you been wanting to buy your own home but never thought you would qualify? Do you need to refinance your current loan to more affordable terms? Then it’s time we talked about the HomeReady® loan from Fannie Mae.
Homeownership is now within reach for millions of Americans, thanks to the HomeReady home loan program. Homebuyers with low to moderate income and credit have more opportunities to qualify for a mortgage, using income and down payment sources other loans may not accept.
Down payment as low as 3%
Use a gift or grant for down payment and closing costs
Credit score as low as 620, with added benefits for scores of 680 or higher
Low mortgage insurance premiums
Rental and boarder income may help qualify
Gifts from non-occupying borrowers may be allowed
Borrowers who need gift funds to cover down payments and closing costs, or who live with extended family, or who have roommates who contribute rental funds, can use these alternative income sources toward qualifying for a HomeReady loan.
Some homebuyers who don’t qualify as low-income may also be eligible when they buy in low-income or high-minority areas. And even current homeowners may be able to take advantages of the HomeReady loan’s benefits by using it to refinance their current home loan.
If you want to own your home but you just need a little extra help, the HomeReady loan may be the chance you’ve been waiting for. Let’s set up a free consultation today.
HomeReady is a registered trademark of Fannie Mae.We are not acting on behalf of or at the direction of Fannie Mae or any government entity or program. Program rates, terms and conditions are subject to change at any time and may vary based on borrower’s credit history. Not all applicants will qualify.