What 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. Schedule an Appointment Schedule an appointment at one of our branches for a variety of services, including opening new accounts...
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, Jim Rogers, who will guide you through the application process, help you understand your options, and determine your eligibility. James (Jim) Rogers is authorized to act as an agent on behalf of People...
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