The HomeReady™ Program enables you to purchase a home with only 3 percent down and still get a loan backed by Fannie Mae. It also allows you to use income that you would otherwise be unable to use on any other loan type. The program is geared towards people that live in areas of high minority or low income and people that generally have good credit but do not have the income … [Read more...] about How are the Income Requirements Different on the HomeReady™ Program?
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?
Stated income loans became a thing of the past after 2008, but are slowly coming back. The way you see them now, however, will not be as they were in the past. In fact, it is hard to find “stated income” loans, but you will find them with other names such as alternative documentation loans, asset-based loans, and offer letter loans. Alternative documentation and asset-based … [Read more...] about The Offer Letter Loan – How it Works