HomeReady® by Fannie Mae
 

HomeReady® is a mortgage program created in December 2015. It's backed by the U.S. government via Fannie Mae and available via most U.S. lenders. The HomeReady® mortgage by Fannie Mae is a low down payment mortgage designed to help lenders confidently serve today's market of creditworthy low- to moderate-income borrowers. With HomeReady®, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds® - with no minimum personal funds required.  Via HomeReady®, households in lower-income neighborhoods and in minority-heavy areas can get easier access tolow-downpayment mortgages at today's current rates. HomeReady® allows a downpayment of just 3% on a home and permits the "income pooling" for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan. For many families, this can mean the difference between getting approved for a loan and getting turned down. HomeReady can also be used for a refinance, allowing up to 97% loan-to-value (LTV) in some cases. Give us a call today at 972-723-2611!
 

In order to be eligible for the HomeReady® program:

  1. You must not be an owner of another residential property in the United States
  2. You must agree to complete a 4-6  online homeowner counseling course

If you can meet these two criteria, you may be HomeReady™-eligible.

 

Cancellable Mortgage Insurance

Unlike government-insured loans, with HomeReady®, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road


 

Ideal HomeReady Borrowers

  • Have low to moderate income
  • Are first-time or repeat homebuyers
  • Have limited cash for down payment
  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Have supplemental boarder or rental income
  • Are looking to purchase or refinance


Fact Sheet
Why Choose HomeReady®?
Frequently Asked Questions

 
 

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Call Us: (972) 723-2611

Email Us: info@mamsw.com

 

Licensing Info:

NMLS # 317299

RMLO # 222329

 "CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
 THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."
 

 

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