Individuals looking to buy a home with a fixed rate mortgage can qualify for a loan up to $417,000 with 97% loan-to-value financing and 3% down. Home Ready offers flexible income qualification guidelines as well.
In order to qualify, the following criteria must be met:
In addition to the flexible income qualification guidelines and low down payment requirements, gift funds or community seconds can also be used for the down payment. Additionally, individuals can use a non-occupant co-borrower’s income in order to help qualify for the loan.
Home Ready may also have reduced mortgage insurance options, including no upfront mortgage insurance fees and may be cancelable per servicer/Fannie Mae guidelines.
To find out if our specialty program, Home Ready, is right for your mortgage needs, talk to one of our loan advisors today. We can help determine if you qualify and see if this is the right loan to fit your unique needs.