Last Oct. 24, mortgage financing giant Fannie Mae disclosed modifications to its 3%-down payment mortgage program, HomeReady™. The features, said Fannie Mae, will “enable lenders to expand access to credit in a safe and responsible manner.” »Interested in getting a HomeReady™ mortgage?» For one, Fannie Mae said it will increase the maximum allowable loan-to-value (LTV), … [Read more...] about Fannie Mae Makes Enhancements to HomeReady™ Mortgage
Sometimes an applicant does not have the necessary credit to qualify for a home loan, yet he is responsible with his finances and should qualify. This need is recognized with the HomeReady Home Loans program, allowing borrowers to use nontraditional credit in the place of credit trade lines that report on a credit report. The only borrowers that are able to use nontraditional … [Read more...] about What Types of Nontraditional Credit are Allowed on HomeReady™ Home Loans?
Your income for the HomeReady™ loan cannot be too high, which is unlike any other loan program. The higher your income, the lower your chances of getting approved for a HomeReady™ loan because the program was created for people that will live in a low-income area. Because of that, it pays to understand how to figure out if your income will fit into the HomeReady™ … [Read more...] about How Can Lenders Determine Income Eligibility for HomeReady™?
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?
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