Perhaps the HomeReady financing program is the answer.
If you’re having trouble getting a mortgage, our trained loan originators at SteveKnowsLoans may be able to help. Many of the concerns of homebuyers are addressed through the government-backed HomeReady financing program. The following are benefits of Fannie Mae’s HomeReady program:
- As little as a 3% deposit is required.
- Not limited to novice purchasers only.
- Non-borrowing family members’ income may be considered throughout the underwriting process.
- It is not necessary for co-borrowers to have a primary residence on the property.
- Underwriting guidelines may take into account income from sources other than a regular job, such as a rental unit in the property being acquired.
- Owner-occupied properties with one to four units
- The annual income of the borrower must be less than or equal to 100% of the area’s median income.
- Properties purchased in a specified low-income census tract are exempt from the borrower’s income limit.
- Loan-to-value ratios above 80% are available to borrowers with credit scores of 680 or higher.
Buyers who may not have been able to get conventional loans now have a shot thanks to the HomeReady program’s lenient standards.
Additional HomeReady program qualification criteria
Buyers who satisfy the following criteria will receive assistance from our mortgage loan originators when they apply for the HomeReady program:
- Buyers are required to take a HUD-approved homeownership education course online or enroll in a HUD-approved homeownership counseling program.
- HomeReady applicants cannot be the current owners of any other primary residences.
If you aren’t sure if you meet the program’s qualifications, we can go over them with you.
SteveKnowsLoans is here to assist you at every turn.
As experts in the mortgage industry, we have first-hand knowledge of the difficulties home buying poses for individuals and families. Many homebuyers are priced out of the market since most mortgage programs require sizable down payments and the purchasers already have substantial debts to service, like high-interest credit cards and school loans. Many borrowers, however, receive income from non-standard sources, including family members, which might make it difficult to meet underwriting income requirements.
Our mortgage lending advisors can assist you with the purchase of a house or a condo. Together, we’ll fill out the application and send it off to lenders to see what kind of rates we can get for you. Our job is to be there for you at every turn. It is not complete until you are the proud owner of your new house.
For additional information about this offer, please speak with one of our loan specialists. Contact us!
Call Steven Jackson at 813-616-9411 now!
