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: 2,325 About Jim: Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Em...
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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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