We understand the financial challenges many homebuyers are facing: they can’t afford a large down payment; they may have multiple student loans; or they may rely on income from non-traditional sources (i.e., parents or other family members). These challenges can make homeownership seem impossible, or may have impacted their ability to buy a home in the past.
Not anymore. After much research and feedback from both homebuyers and lenders, Fannie Mae has announced an enhanced affordable lending product—HomeReady mortgage—designed to meet the diverse financial and familial needs of responsible, creditworthy buyers.
Know the Features & Flexibilities
HomeReady mortgage (available from lenders later this year) addresses common financial challenges and offers expanded eligibility guidelines, such as:
Offering a 3% down payment option.Now, first-time andrepeathomebuyers can purchase a home with a down payment as low as 3% of the purchase price.
Supporting extended families.For the first time, income from a household memberwho 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 (and Rommmate) 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.
HomeReady mortgage also requires buyers to complete an online homeownership education course to help prepare for the responsibilities of buying and owning a home. Get details to the right, including alink to the homeownership education courseprovided by our partner, Framework.
Start Shopping For YOUR home NOW !
Author:Jim Cavoto Managing Broker Phone: 720-309-3014 Dated: February 6th 2016 Views: 2,148 About Jim: Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Em...
Ion Real Estate is a hand-picked team of highly respectable experienced Realtors coming together to work with you. Please contact us anytime with any questions. We look forward to serving your Colorado real estate needs. Our experience and dedicated professionalism ensures our clients have exceptional representation every step of the way. At a time where bigger isn't always better, Ion Real Estate has chosen to remain a smaller, highly focused team in order to provide a level of personal service, attention and consideration to our clients that you simply won't find elsewhere. Our decades of experience in the unique world of Denver real estate positions us advantageously to handle all of your real estate needs
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"We cannot thank Jim & Julie and the team at Ion Real Estate enough!!! We were very impressed with Jim's knowledge of the business and his drive to find us our perfect home; from the lender-side and how to get the best deal to the realtor-side and everything in between. As first time home buyers we really appreciated Jim's direction in gathering everything we would need. In addition to Jim's wonderful guidance, Julie was exceptional to work with too. She was always willing to listen to our concerns and was very encouraging on our journey hunting down our first home. She is so dedicated that she found us "our" home during the holidays and we were under contract by New Year's, which was a great way to start off the new year. She found us our dream home, in a great location and we couldn't be happier. I always recommend Jim, Julie and Ion whenever someone I know says they are looking to buy or sell their home. Go with Ion, they make dreams come true.
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