HomeReady® is a mortgage program created in December 2015. It's backed by the U.S. government via Fannie Mae and available via most U.S. lenders. The HomeReady® mortgage by Fannie Mae is a low down payment mortgage designed to help lenders confidently serve today's market of creditworthy low- to moderate-income borrowers. With HomeReady®, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds® - with no minimum personal funds required. Via HomeReady®, households in lower-income neighborhoods and in minority-heavy areas can get easier access tolow-downpayment mortgages at today's current rates. HomeReady® allows a downpayment of just 3% on a home and permits the "income pooling" for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan. For many families, this can mean the difference between getting approved for a loan and getting turned down. HomeReady can also be used for a refinance, allowing up to 97% loan-to-value (LTV) in some cases. Give us a call today at 972-723-2611!
In order to be eligible for the HomeReady® program:
If you can meet these two criteria, you may be HomeReady™-eligible.
Unlike government-insured loans, with HomeReady®, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road