<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=981546022040035&amp;ev=PageView&amp;noscript=1">

APM BLOG

SCROLL

Our Blog Puts YOU in the Driver’s Seat

Helping customers like you achieve their financial goals is all we do, which is why we’re arming you with our expert insight, tips, and advice to help you get there.

Is Our Home Ready Program Right For You?

Qualify for a low down payment mortgage with the Home Ready Program

homeready program (1).jpgHome Ready by Fannie Mae is a specialty American Pacific Mortgage Program designed to serve your unique needs. It is an alternative to the Federal Housing Administration (FHA) program, with even more flexible income qualification guidelines and 3% needed for the downpayment.*


How it works

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.


Qualifications

In order to qualify, the following criteria must be met:

  • Fixed rate loan mortgage up to $417,000
  • Up to 97% LTV financing and 3% down*
  • Single family-dwellings, PUD or condos that will be the owner’s primary residence
  • Single-family accessory unit or boarder income can be used in qualifying

Benefits

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 a good fitfor your mortgage needs, talk to one of our loan advisors today. 

 

TOP POSTS

3 Ways to Get Creative when Paying Closing Costs
3 Ways to Get Creative when Paying Closing Costs
Read Article
How Much One Extra Mortgage Payment Can Save You
How Much One Extra Mortgage Payment Can Save You
Read Article
21 Creative Ways to Save for a Down Payment
21 Creative Ways to Save for a Down Payment
Read Article

Want more great content right in your inbox?

RECENT POSTS

APM Celebrates Hispanic Heritage Month
APM Celebrates Hispanic Heritage Month
Read Article
The Best Places for Leaf-Peeping—No Matter Where You Live!
The Best Places for Leaf-Peeping—No Matter Where You Live!
Read Article
The Do's and Don'ts of the Mortgage Process
The Do's and Don'ts of the Mortgage Process
Read Article