FAQ Category: HomeReady Mortgage
Who is People Driven Credit Union’s Mortgage Specialist?
Meet Our PDCU Mortgage Specialist Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs. Michelle Dzon Member First...
Continue ReadingWhat is a HomeReady® Mortgage Loan?
A HomeReady® Mortgage Loan is a flexible, affordable loan program from Fannie Mae designed to help low-to-moderate income borrowers and first-time homebuyers achieve homeownership. It features low down payment requirements and flexible underwriting...
Continue ReadingWho is eligible for a HomeReady® Mortgage Loan?
HomeReady® Mortgage Loans are available to creditworthy low-to-moderate income borrowers. Income limits typically apply, and your income must generally be at or below 80% of the area median income (AMI) for the location of the property. The program is...
Continue ReadingWhat are the down payment requirements for a HomeReady® Mortgage?
The minimum down payment required for a HomeReady® Mortgage is as low as 3% of the home's purchase price. This low down payment option makes it easier to afford a new home without a large upfront...
Continue ReadingCan I use gift funds or grants for my down payment?
Yes, HomeReady® allows you to use gift funds from relatives, friends, or other eligible sources for your down payment and closing costs. Grants and down payment assistance programs can also be...
Continue ReadingWhat types of properties are eligible for HomeReady® Mortgages?
HomeReady® Mortgages can be used to finance various types of properties, including single-family homes, condominiums, and multi-unit properties (up to four units). The property must be used as your primary...
Continue ReadingWhat are the credit score requirements for a HomeReady® Mortgage?
The minimum credit score required for a HomeReady® Mortgage is typically 620. However, having a higher credit score can improve your chances of qualifying and securing better interest...
Continue ReadingIs homeownership education required?
Yes, HomeReady® requires first-time homebuyers to complete a homeownership education course from an approved provider, such as Framework. This course helps prepare you for the responsibilities of homeownership and provides valuable financial...
Continue ReadingCan I refinance an existing mortgage with a HomeReady® Mortgage?
Yes, HomeReady® offers refinancing options that can help you take advantage of lower interest rates and better loan terms. Who Can Qualify for a HomeReady® Mortgage? The HomeReady® mortgage, offered through Fannie Mae, is designed to make...
Continue ReadingWhat are the benefits of a HomeReady® Mortgage Loan?
HomeReady® offers numerous benefits, including low down payment options, flexible underwriting standards, competitive interest rates, and the ability to use various sources of funds for down payments. It also promotes financial literacy through required...
Continue ReadingHow can I apply for a HomeReady® Mortgage Loan?
Apply online or contact our mortgage specialist, Michelle Dzon, who will guide you through the application process, help you understand your options, and determine your eligibility. Michelle Dzon is authorized to act as an agent on behalf of People...
Continue ReadingWhat is the debt-to-income (DTI) ratio requirement?
Your debt-to-income ratio should generally not exceed 50%. This means that your total monthly debt payments, including your new mortgage, should be 50% or less of your gross monthly...
Continue ReadingWhat is a NMLS ID?
The NMLS ID# (Nationwide Multistate Licensing System & Registry Identification Number) is a unique identifier assigned to mortgage loan originators (MLOs) and institutions involved in mortgage lending. It was created by the federal government to...
Continue ReadingWhat documents do I need to apply for a mortgage?
To apply for a mortgage, you will need to provide the following documents to verify your identity, income, assets, and employment. Required Documents & Why They are Needed Copy of your driver’s license or state-issued ID – Verifies your...
Continue ReadingHow do I check the status of my loan application?
How do I check my loan application status at People Driven Credit Union? You can check your loan application status by contacting People Driven Credit Union or your assigned loan specialist. Many members ask how do I check my loan application status...
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