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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.
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 !
Jim Cavoto has been serving Colorado Real Estate market since 2000. Jim carries both Real Estate Employing broker level license & The Colorado Mortgage Origination License. As a rare "Native" of Col....
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