Lending Guidelines More
Favorable for Borrowers
On December 21, 2015, Fannie Mae rolled
out a new "more forgiving" loan program. One that will make it
easier for Borrowers to qualify for a mortgage. That program's name is "HomeReady".
"HomeReady" is
a lending program requiring only a 3% down payment be made
on the purchase of a home.
Via this benefit found in its "HomeReady" program (less money down), Fannie Mae offers an
option to Borrowers/Home Buyers that competes favorably with a current option
offered by FHA requiring a 3.5% down payment.
In fact, not only does this new "HomeReady" loan program give
Buyers/Borrowers an option for Loan Approval that might not have existed prior
to its implementation, it opens a door to a broader range of property types for
consideration for financing and/or purchase by those Buyers/Borrowers.
Why? Because certain Condominium Projects and
certain homes with mechanical faults and/or condition issues are now more
likely to be found "approvable" or acceptable under this new loan program than
they are when using an FHA loan.
Also
Important: There are looser lending guidelines within this mortgage
program regarding:
- Flexible Funds for down payment
- Allowance for Non-occupying Co-Borrowers
- Reduced Mortgage Insurance costs
- The ability to completely remove the need for Mortgage Insurance in time
- Ability to use "non-traditional" Income Sources to qualify
These are all favorable factors offered within Fannie Mae's new conventional loan option, "HomeReady".
As a result of this new "HomeReady" mortgage program, those
First-Time Home Buyers previously concerned with down payment ... or their
Agents representing them ... may now have opportunities and options for
buying and financing open that previously did not exist.
The bottomline is: If you didn't
think you could buy before, it's worth taking the time to talk to me to check your
options now. You could have options that you didn't know existed.
If in the Chicagoland area, elsewhere in IL or WI
contact me at 708.921.6331, or gmundt@goapmc.com, or visit my website at: www.genemundt.com today.
I can be easily found at:
Gene Mundt
Mortgage Lender - NMLS
#216987 - IL Lic. #0006220 - WI Licensed
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
You're Invited to Follow Me at:
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including: The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.
Your Referrals are Greatly Appreciated!
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