Most first time home buyer faces financial challenges such as they can’t afford a large down payment, they may have student loan or may need parents and other family member to help out when buying a home. They are Willing, Ready but un-Able to buy because financial situation. If you are in this situation, HomeReady Mortgage might be able to help you from dreaming a home to owning owning a home.
HomeReady is a Fannie Mae program that provides affordable home financing for low-to moderate-income borrowers, with expanded eligibility for homes in designated low-income, minority, and disaster-impacted communities.
HomeReady Program Benefits
HomeReady mortgage addresses common financial challenges and offers expanded eligibility guidelines,
such as:
– Down Payment as low as 3%. Ideal for home buyer who can’t afford to make a large down payment.
– Supporting extended families. For the first time, income from a household member who is not a borrower (i.e., they won’t be on the mortgage) will be considered. This means—in multi-generational households, the income of children, grandparents, or other extended family members may help buyers qualify for a HomeReady mortgage
– Allowing co-borrower flexibility. All borrowers do not have to reside in the property. For example, parents, who won’t be living in the home, can be co-borrowers on the loan to help their children qualify for a mortgage and purchase a home
– Accepting additional income sources. Rental payments may be considered as another allowable income source to help qualify a buyer (i.e., rental payments from a basement apartment). Income limits may apply
– Convenrtional Financing with private mortgage insurance (PMI) that may be eligible for cancellation when home equity reaches 20%
Program Eligibility
– No first-time homebuyer requirement; however, homebuyer education is mandatory
– Income eligibility is aligned with housing goals requirements for low-income, high-minority, and designated disaster areas
– Innovative feature that allows income from a non-borrower household member to be considered in the qualifying debt-to-income ratio
– Non-occupant borrowers (like a parent) are permitted
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