HomeReady Will Help More Buyers Buy Homes

HomeReady Will Help More Buyers Buy Homes

Introducing HomeReady™ Mortgage

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.

 

Homeownership Education by Framework

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 and repeat homebuyers 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 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 (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 a link to the homeownership education course provided by our partner, Framework.

Start Shopping For YOUR home NOW !


https://knowyouroptions.com/homeready



Jim Cavoto Managing Broker Headshot
Author:
Phone: 720-309-3014
Dated: February 6th 2016
Views: 2,163
About Jim: Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Em...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

May 9 2017 34189 1 - A new scam, circulating the
Prepare For Closing -
Culture Abounds In Downtown Denver - COMING SOONTHE WESTERN: AN EPIC IN
5 Low Cost Ways To Prepare Your Home For Sale - It's Spring and a great time of

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Ion Real Estate
2049 Larimar St.
Denver, CO
720-466-2866
720-367-5213