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:
- 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:
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.
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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