Thursday, July 18, 2019

3% Down Payment Loan!



A HomeReady™ Mortgage is designed to help lenders confidently serve today’s market of credit-worthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.


 


Help meet the diverse needs of today’s buyers with a HomeReady Mortgage, Fannie Mae’s enhanced affordable lending product.


 


 


OVERVIEW


 


Designed for credit-worthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.


 


A HomeReady Mortgage lets you lend with confidence while expanding access to credit and supporting sustainable homeownership.


 


  • Simplicity and certainty for lenders

  • Improved pricing and execution

  • Product features designed to align with today’s buyer demographics and support sustainable Homeownership.

 


 


BORROWER BENEFITS


 


  • Accessible and Sustainable Financing

  • Low down payment. Up to 97% financing for home purchase with many borrowers flexibilities.

  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).

  • Conventional home financing with cancellable monthly MI (per Servicing Guide policy); reduced MI coverage requirement above 90% LTV supports competitive borrower payment.

  • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.

  • Allows for nontraditional credit.

  • Gifts and grants are permitted as a source of funds for down payment and closing costs.

  • Supports manufactured housing up to 95% and HomeStyle® Renovation (approved lenders) to 95%.

 


Fannie Mae’s Economic and Strategic Research group reports a “demographic sea change” in the housing market, characterized by the rise of the Millennials, increased diversity, and a growing elderly population; and new household growth is being driven by traditionally underserved segments.


 


MORE INFORMATION ON A HOMEREADY™ MORTGAGE



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