Fannie Mae continues to seek different ways to reach potential homeowners and also takes into consideration sustainable homeownership. This is why it is important to shop around to find the best lender, options and rates. If you would like some assistance finding a HomeReady lender, we can help match you with a lender in your location. It’s tailored toward low- to moderate-income borrowers and allows you to purchase a home for just 3% down. A HomeReady mortgage is a conventional loan offered by Fannie Mae (a.k.a. Down payment requirements – HomeReady™ mortgage loans have the lowest down payment requirement of any type of home loan at just 3%. Are seller concessions allowed? If all borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV. Required. Simply search by address or view the areas you serve. HomeReady and Home Possible are both very similar, providing a low down payment mortgage that is easy to qualify for. Utah Community Credit Union. A HomeReady Mortgage at MCCU enables borrowers with limited financial resources and non-traditional sources of income to buy a home with a low down payment. If your score is between 500-579 you will need 10% down. This program goes way beyond the flexibility of most other loan types, even ones considered ultra-flexible like FHA. This new mortgage program is laser-focused on helping minorities, Millennials, and mixed families on their road to homeownership. Loan rates are set differently and by different lenders. If you would like to find out if you qualify for HomeReady, we can help match you with a lender in your location. FHA Loan. Please do not include member numbers or account numbers. This program offers flexible requirement guidelines, competitive loan terms, and a low down payment option. Our low down payment HomeReady® Mortgage is designed to help lenders confidently serve today’s credit-worthy low-income borrowers. Cash for down payment or closing costs can come from multiple sources, including gifts, grants and Community Seconds®, with no minimum personal funds required. Here, we talk about HomeReady™ Mortgage Reserve requirements. Click here for more information on any of the features above. There has never been a greater need for a product like HomeReady. Can you refinance a property with HomeReady? Both only require a 3% down payment, so they are often confused as being the same. Apply for a HomeReady mortgage today! No, you may not purchase an investment property, vacation home, or second home using this program. Is HomeReady the same as the Fannie Mae Conventional 97 Loan? Down payments as low as 3%; Cancellable mortgage insurance; Allows co-borrower flexibility ; Accepts additional income sources; Smart homeownership; More than 1,000 lenders offer HomeReady – ask your local lender about Fannie … Determining which is better will depend on your unique situation. Use the form below to contact us directly for general questions or to provide feedback. low-income, minority, 15. and disaster-impacted commu-nities. HomeReady is geared for low-to-moderate income households, whereas the conventional 97 loan is geared for borrowers with good credit and income. One advantage of the Freddie Mac Home Possible program has over the HomeReady program is that if you buy a 2-4 unit property with HomeReady, you will have to source the funds for your down payment (meaning it can not be borrowed or gifted). If you would like some helping finding a lender that offers the HomeReady program, we can help match you with one in your location. The seller can pay your closing costs, and even provide the funds to use for your down payment. A HomeReady mortgage makes homeownership accessible to more people. The Fannie Mae HomeReady Mortgage is designed for home buyers who don’t fall into typical lending approval guidelines. Other factors that might affect the HomeReady™ loan rate would be, the economy, the financial markets, and what other conventional mortgage rates are doing. If you would like to have a HomeReady lender contact you, fill out this form. HomeReady is a special loan product offered by Fannie Mae that is designed for low to moderate-income borrowers. Is this program offered by all mortgage lenders? Copyright 2017 - Non-Prime Lenders - All Rights Reserved, HomeReady Lenders – Fannie Mae HomeReady Mortgage Program, searching an address on the Fannie Mae website. Please visit HomeReady® Mortgage or more details Ideal HomeReady Borrowers Have low to moderate income Are first-time or repeat homebuyers Have limited cash for down payment Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may… Can you use HomeReady to purchase an investment property? The Fannie Mae HomeReady mortgage program provides an incredible opportunity to buy a home, or refinance an existing mortgage. Better than or equal to Fannie Mae’s standard loan pricing (risk-based pricing waivers for LTV ratios > 80% with a credit score ≥ 680). helps lenders serve today’s market of creditworthy, low- and moderate-income (LMI) borrowers, and . Low down payment for home purchase or refinance transactions. Kate Amor, Click here to have a HomeReady lender contact you. HomeReady™ loans let lenders use non-traditional credit lines such as rental payments to help borrowers with limited credit history qualify.

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