Every loan program has credit requirements; however, HomeReady™ Loans provide quite a few exceptions to the rule. There are minimum credit scores required for automatic underwriting of this program, but a large majority of homebuyers that use the HomeReady™ program take advantage of the ability to use manual underwriting and alternative credit in order to qualify. The only … [Read more...] about What are the Credit Requirements for HomeReady™ Loans?
The Fannie Mae HomeReady™ program makes it possible for consumers to purchase a home in a non-traditional way. The income of borrowers and non-borrowers can now be included to get the debt ratio down for certain borrowers. This means that people in low income census tracts as well as high minority census tracts are now able to secure housing much easier. The loans are also … [Read more...] about What are the Credit Requirements for the HomeReady™ Program?