HomeReady Loans: Turning the Impossible into Possible

   HomeReady Loans: 
Turning the Impossible into Possible  

     Today's home financing is all about having options available to you as a Borrower.  The wider the selection of financing options you have at your disposal, the better ...

     Fannie Mae's HomeReady Program is a recent addition to the menu of options available to current Borrowers.   

     Primarily a purchase-oriented loan program, this Conventional Loan Program offers Mortgage Originators and Lenders an option to counter FHA's 3.5% Down Payment Program.

     Some of the most attractive highlights of the Home Ready Program include:  
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  • A 3% Down Payment requirement  
  • Flexible Guidelines for Down Payment Funds
  • The benefits of a Conventional Loan 
  • Common Sense Underwriting guidelines
  • Reduced Mortgage Insurance Costs
  • Non-Borrower Household Income allowed for Qualification  (The incomes of children and other family members ... plus non-relatives ... may help Buyers qualify for a HomeReady loan)
  • Higher DTI (Debt-to-Income Ratios) allowed
  • Lower Credit * qualifying standards (Non-traditional Credit also allowed).  * 620 Minimum for Single-Family/1-Units.
  • Homeownership Education/Counseling Required
  • Income Limits do apply in most Counties/Areas
  • Do not have to be a First-Time Home Buyer
  • Primary Borrower Must Occupy, but Co-Borrowers that do not occupy are allowed
  • Property Types Allowed include:
       A.  Single-Family Residences
       B.  Condominiums (if eligible)
       C.  Townhomes
       D.  2 to 4 Units (Must be Owner Occupied)

     In summary:  In a lending environment that has tightened in the last several years, the HomeReady Program is a very useful, very flexible, very accommodating option for Qualifying Borrowers.  
     If you thought that home buying and receiving an Approval for Mortgage was impossible, please contact me for more information about the HomeReady Program.  You may be surprised at the possibilities that now exist for you ...   

     Agents:  Should you have potential Chicagoland Buyers that you have thought previously unlikely to find financing Approval ... give me a call.  This program may assist them and help them become homeowners ...

 * Hoping to Buy or Refinance a home in New Lenox or elsewhere in the Chicagoland area? Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.

     I'm easily found at:

Gene Mundt

Mortgage Originator - nmls #216987 - IL Lic. 031.0006220 - WI Licensed

American Portfolio Mortgage Corp.

nmls #175656

Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281


Gene Mundt, Mortgage Originator, an Originator with 40+ 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 & WI.

Referrals are Appreciated and Welcomed!



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