HomeReady mortgages are home loans financed through the Federal National Mortgage Association (Fannie Mae). A HomeReady loan helps borrowers with low to moderate income buy or refinance a home by reducing the standard down payment and mortgage insurance requirements. This program offers adjustable underwriting guidelines with some flexibility around the loan terms depending on your situation.
HomeReady loans can offer lower down payment requirements than many other types of loans, speeding up your journey to homeownership. These loans also offer lower mortgage insurance requirements, increasing the access for low-income buyers to get approved for a home loan.
A lower down payment also means purchasing a home is possible without saving for a large down payment. You may be able to use alternative credit history, including rent and utility payments, to help you qualify. This is ideal if you don’t have the best credit score and need to work to build it.
There are three major requirments to qualify for the HomeReady program:
Firstly, You’ll need a qualifying credit score. HomeReady loans require a minimum score of 620. Other conventional mortgages have higher credit score requirements, so the reduced score minimum helps secure the financing you need, even if your credit isn’t perfect. Secondly, you don’t have to be a first-time home buyer to qualify, but you can’t currently own a home with this mortgage type. Lastly, the approved homeownership courses require participation of 4 – 6 hours to help arm you with the education you’ll need as a homeowner.
Having more questions regarding our HomeReady program? Give us a call or contact us through our website. Our qualified loan officers are ready to bring their experience and knowledge to your side.
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