27 Mar Fannie Mae Home Ready 3% Down
Posted at 06:29h
in Type Of Loans
HomeReady® mortgage is an affordable low down payment mortgage product designed for creditworthy low- to moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.
Borrower benefits:
- Low down payment with up to 97% LTV financing for home purchases
- Flexible sources of funds with no minimum contribution requirement from borrower’s own funds (1-unit properties)
- Favorable pricing that’s most competitive with credit scores ≥ 680 and LTV ratios above 80%
- Rental and boarder income may be considered for qualifying
- CLTV up to 105% for loans with an eligible Community Seconds® transaction
- Cancellable mortgage insurance once the borrower reaches 20% equity in the home (restrictions apply)
- Reduced MI coverage requirements for LTVs above 90% (up to 97%)
Homeownership education and housing counseling options empower borrowers to become successful homeowners
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Additional Reading 1 https://drive.google.com/file/d/0B3EyTinY-z3lUVktX2k0U09oaUpCMTFJNEFjOThjdXl1ZmdB/view?usp=sharing
Additional Reading 2 https://drive.google.com/file/d/0B3EyTinY-z3lMndGMnlwRk15X2xYZnQ1YkFKdGEzRTZIZFhj/view?usp=sharing