HomeReady™ Mortgage Loan Program

Built for today’s first time home buyers and available for those who have already owned a home, Fannie Mae has replaced the MyCommunityMortgage® with the HomeReady Mortgage loan program.

Below are some highlights of the new program:

  • Extended households may help you qualify

If your household includes members who won’t be included on the mortgage-such as relatives or roommates- their income may help you qualify.

  • Others who don’t live in the home can join you on the mortgage

Co-borrowers on a HomeReady™ mortgage are not required to live in the home, so relatives or other individuals may assist you with your home purchase.

  • Down payments as low as 3%

Ideal for home buyers who cannot afford to make a large down payment.

  • Homeownership education to help you succeed

Convenient online education that prepares you to buy a home and own a home for the long run.

  • Savings over the life of the loan

With private mortgage insurance that may cost less over time- may be eligible to be cancelled once 20% home equity is reached, unlike mortgage insurance on government-issued loans.

If you have any questions at all regarding the new HomeReady™ Mortgage loan program, please feel free to contact me today. I’d be happy to assist you in making your dreams of home ownership a reality!

Income limits may apply. MyCommunityMortgage® is a registered trademark of Fannie Mae. HomeReady™ is a trademark of Fannie Mae.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s