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 firstname.lastname@example.org, or visit my website at: www.genemundt.com today.
I can be easily found at:
Mortgage Lender - NMLS #216987 - IL Lic. #0006220 - WI Licensed
American Portfolio Mortgage Corp.
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.
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