HomeReady™ Loans have really made the mortgage industry much more accessible for those borrowers that have low income, but would otherwise be a good risk for a lender. This loan program enables borrowers to use other income in the household to qualify, rather than strictly the income from the borrower and co-borrower. The catch to the program, however, is that the home you … [Read more...] about What are the Down Payment Requirements for HomeReady™ Loans?
Income requirements can often make or break a loan approval. If you do not have income that is high enough to bring your debt ratio down to manageable levels, most loan applications will get denied. With HomeReady™ Loans, however, this is not the case. The amount of income required or even allowed for a particular loan depends on the area it is located. Right now, more than 50 … [Read more...] about What are the Income Requirements for HomeReady™ Loans?
HomeReady™ eligibility is easy to achieve, especially if you have good credit and plan to purchase a home in a low-income or high minority census tract. This program has very few requirements and even allows you to use the income of extended family members in order to qualify for the loan, even if they are not on the loan. One type of income that can easily be used for … [Read more...] about What Documentation is Required for Using Boarder Income for HomeReady™ Eligibility?
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?
Closing costs on HomeReady™ loans are similar to the closing costs on any other conventional loan, since the product is owned by Fannie Mae. Lenders are typically in charge when it comes to determining the amount of money they want to charge for each loan. There are, of course, guidelines they must abide by, but chances are that you will not find the same closing costs for any … [Read more...] about What are the General Closing Costs for HomeReady™ Loans?