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What is a home ready loan?
The home ready loan is designed by Fannie Mae for creditworthy borrowers who may have a moderate to low income. This loan is flexible and can be used for whatever the borrower see fit, however can make a good mortgage loan. This is due to the expanding eligibility for financing homes in low income, minority, or disaster impacted areas.
Home Ready loans can offer some competitive rates due to DU credit risk assessment. This loan also allows for grants, or monetary gifts to be a source of funding from the borrowers for a down payment and the closing costs of the home. This loan can help you step into home ownership, and help your generate better credit down the line.
Low down payments
With a Home ready Loan you can finance up to 97% of your home and you can use grants and monetary gifts to pay the downpayment.
Flexible Fund source options
Both the downpayment and the closing costs can be paid with borrowed, public, or gifted funds, there is no contribution required from the borrower’s funds.
Cancellable monthly MI
You can request to cancel the MI payments when the loan balance drops below 80% loan to value ratio. It will be automatically dropped at 78%.
With this program there is a Homeownership training available online to help educate and prepare the buyers of homeownership.
What are the eligibility requirements?
This loan is created for low income families and individuals to be able to get into their homes with help. There are modified eligibility requirements set in place to help ensure that the lender feels confident in lending and the borrower will qualify. Here is a list if what you need to be eligible for this offer:
The borrower must complete the the online training course and receive the Certificate of Completion.
The borrower must be a first time home buyer
The borrower must live in the property as a primary residence within 60 days of closing
The property needs to be on the list of eligible homes for this program.
Check out your options for a Home ready loan. Make sure you shop around with lenders to get the best programs for you. Get rates today with us and take your first steps toward homeownership!