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