Sometimes, homebuyers need help from other people for funding a home purchase. Some people rely on family or friends to make a down payment. Others depend on a relative, spouse, or significant other to co-sign to get approval.
If you are one of those scores of people who are in the same situation, a HomeReady loan might be right for you because it is more flexible about allowing contributions from other people.
So, what is a HomeReady loan? A HomeReady mortgage is a conventional, yet flexible, home loan offered by Fannie Mae. It is meant to help low-income to moderate-income borrowers buy for the first time or refinance an existing loan. You are an ideal HomeReady borrower if you have low income, are a first-time or repeat homebuyer, and have limited cash for down payment. HomeReady loans reduce the typical down payment and mortgage insurance requirements.
It also allows family members or friends to co-sign to help get approval. So it is good for prospective buyers relying on others to help fund their home purchase. Additionally, cash gifts from a relative, spouse, or significant other can be used for down payments. Furthermore, down payments can be as low as 3%. HomeReady is relatively new, but it has already helped thousands of borrowers secure the home of their dreams and keep money in their pockets at the same time. “HomeReady has already helped thousands secure the home of their dreams and keep money in their pockets at the same time.”
Here are some advantages or benefits of a HomeReady mortgage:
|Down Payment Requirement||3%||3,5%|
|Lender can order appraisal immediately||Yes||No|
|Geographic restrictions on loan amounts||None||Restrictions Apply|
|Mortgage insurance can be cancelled (restrictions apply)||Yes||No|
No, you don’t have to be a first-time homebuyer to qualify for a HomeReady loan. However, there are other requirements you have to meet.
HomeReady mortgages make home buying easier. Secure Choice Lending is here to make the process even simpler.
Call Secure Choice Lending at 951-733-8925 today for your HomeReady mortgage.
“Secure Choice Lending will make your HomeReady loan application process simple.”
Our Loan Officers will be happy to answer all your questions and discuss your options until everything is clear to you.
Secure Choice Lending is a full service mortgage broker that will secure you a mortgage that doesn’t break the bank.
To streamline the lending experience, our team of financial experts matches consumer needs with the appropriate loan programs and level of risk. With loan officers versed in all mortgage types, solutions to your home-buying questions are a phone call away.