Fannie Mae HomeReady™ Loan Program by Compadre Mortgage
Fannie Mae HomeReady™ is designed to serve today's market of creditworthy, low-to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. A 3% down payment option provides first time home buyers that are credit and income qualified, but are still growing their assets and may not have a large down payment available.
More about HomeReady™
The HomeReady™ Mortgage is an enhanced affordable lending product, building on the long time success of the MyCommunityMortgage®. With new and revised loan and borrower eligibility requirements and underwriting flexibility, HomeReady™ targets to low-to moderate-income borrowers and buyers in designated low-income, minority, and disaster-impacted communities; qualified borrowers who may lack the funds for a larger down payment can take advantage of flexible financing options that help make home ownership a reality with as little as 3% down.
Qualifying
• 620 Minimum qualifying credit score
• Max LTV 97% • Purchase and Limited Cash-out Refinance options available
• 1 - 4 Unit principle residences
• PUDs, Manufactured Housing, and FNMA approved Condos permitted ; PUDs and Condos must be 1 unit properties
• No income limits in low-income census tracts
• 100% of AMI in high-minority census tracts or designated disaster areas (80% of AMI on all others)
• Check income and census tracts HERE.
Benefits
• Low down payment. As low as 3% down payment for home purchase and refinance transactions.
• 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.
• Affordable and cancellable monthly MI.
• Home ownership education. The online Framework® course prepares borrowers for sustainable home ownership. Informed buyers / borrowers have a higher level of long term success.
For more information about qualifying for this program, Call Compadre at 760-385-8660.