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HomeReady Loan
The HomeReady® Loan is a program designed to help low to moderate-income borrowers afford homeownership. This option offers flexible eligibility requirements, lower down payment options, and reduced mortgage insurance costs.
Condominium
Co-op
2-4 unit properties
Designed to assist low to moderate-income borrowers in achieving homeownership.
Benefit from lower down payment options compared to conventional loans.
Consider a broader range of income sources for eligibility, such as rental income or non-borrower household income.
Enjoy reduced private mortgage insurance (PMI) costs compared to standard loans.
Complete homeownership education to qualify for the HomeReady® program.
A HomeReady Loan is a mortgage program designed to make homeownership more accessible, offering flexible eligibility criteria and potentially lower down payments.
HomeReady Loans are targeted to low-to-moderate-income borrowers and may provide special benefits to first-time homebuyers.
Benefits include reduced down payment requirements, potential lower interest rates, and flexible funding sources.
The minimum down payment requirement can be as low as 3%, making it an attractive option for borrowers with limited funds.
Yes, under certain conditions, rental income from a separate unit on the property can be considered in qualifying.
Yes, there are income limits based on the location of the property and the borrower's household size.
Mortgage insurance cancellation may be possible once the loan-to-value ratio reaches a certain threshold.
No, HomeReady Loans are intended for primary residences only.
Yes, HomeReady Loans can be used for single-unit manufactured homes that meet certain requirements.
Collect loan estimates and consider factors like interest rates, fees, and overall terms to determine the best option for your financial situation.
Completing homeownership education may be required for some borrowers and can provide valuable insights for first-time buyers.
Yes, the HomeReady program is backed by Fannie Mae, a government-sponsored enterprise.
Credit score requirements vary, but a higher score can improve your chances of qualifying and obtaining favorable terms.
Loan limits depend on factors such as the location of the property and whether it is a single-unit or multi-unit dwelling.
Yes, refinancing into a HomeReady Loan may be possible if you meet the eligibility criteria and program guidelines.