There are thousands of borrowers out there that are a good risk, yet do not qualify for standard financing because they do not have adequate income based on the conventional guidelines. These borrowers are often left without a loan, which means they are left without adequate housing. That was until the Fannie Mae HomeReady™ Mortgage came about this year. This innovative loan … [Read more...] about HomeReady™ Mortgage
Fannie Mae is constantly coming out with new programs to make home ownership affordable, but none of those programs have even come close to the HomeReady™ Mortgage Program. The requirements for this loan are simple and the amount of money you need to come up with is very small. In the end, you are left with an affordable mortgage program that enables you to become a homeowner … [Read more...] about 4 Reasons to Love the HomeReady™ Mortgage Program
Private mortgage insurance is a requirement of any conventional loan that has a loan to value ratio higher than 80 percent. This means that you put down less than 20 percent on the home. The HomeReady™ program is a low-income mortgage product that provides mortgages for consumers that have good credit but cannot afford a traditional loan. Because of this and the requirement for … [Read more...] about What are the MI Coverage Requirements for HomeReady™?
The HomeReady™ Mortgage is a program designed for low-income borrowers that are credit worthy, but do not qualify for a conventional loan based on their debt ratio. In these cases, non-borrower income is able to be used, not for qualifying purposes, but rather as a compensating factor. There are certain stipulations that must be followed in order to be able to use income that … [Read more...] about Qualifying for a HomeReady™ Mortgage using Non-Borrower Household Income?
The HomeReady™ Mortgage makes it possible to purchase a property using income from people that live in your household, yet are not a borrower on the application. Typically, this applies to a single-family home; however, the program is available for the purchase of a multi-unit residential property including a 2, 3 or 4-unit property. The Varying Loan-to-Value … [Read more...] about Buying a Multi-Unit Residential Property with a HomeReady™ Mortgage?