Port St Lucie HomeReady Mortgage (772) 340-4003 - What is a HomeReady Mortgage?
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HomeReady Mortgage

What is a HomeReady™ Mortgage?

 

mortgage - family in the kitchen

 

A HomeReady™ Mortgage is designed to help lenders confidently serve today’s market of credit-worthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

 

Help meet the diverse needs of today’s buyers with a HomeReady Mortgage, Fannie Mae’s enhanced affordable lending product.

 

 

Overview

 

Designed for credit-worthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

 

A HomeReady Mortgage lets you lend with confidence while expanding access to credit and supporting sustainable homeownership.

 

  • Simplicity and certainty for lenders
  • Improved pricing and execution
  • Product features designed to align with today’s buyer demographics and support sustainable Homeownership.

 

 

Borrower Benefits

 

  • Accessible and Sustainable Financing
  • Low down payment. Up to 97% financing for home purchase with many borrowers flexibilities.
  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).
  • Conventional home financing with cancellable monthly MI (per Servicing Guide policy); reduced MI coverage requirement above 90% LTV supports competitive borrower payment.
  • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.
  • Allows for nontraditional credit.
  • Gifts and grants are permitted as a source of funds for down payment and closing costs.
  • Supports manufactured housing up to 95% and HomeStyle® Renovation (approved lenders) to 95%.

 

Fannie Mae’s Economic and Strategic Research group reports a “demographic sea change” in the housing market, characterized by the rise of the Millennials, increased diversity, and a growing elderly population; and new household growth is being driven by traditionally underserved segments.

 

More Information on a HomeReady™ Mortgage

 

Fannie Mae
HomeReady™ Mortgage

CALL NOW 772-340-4003

Port St Lucie Mortgages, VA Home Loans & Mortgage Refinancing throughout the Treasure Coast and all of Florida

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