Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes
in designated low-income, minority, and disaster-impacted communities.
Benefits And Features
- Low down payment. Up to 97% financing for home purchase with many borrower 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 you 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 non-occupant borrowers (such as a parent)
- Very Extended Family Household Friendly! Allows for the income from extended family living in the house to be factored in.
- Allows Permit Rental Income! Even for a 1-unit property with an accessory dwelling unit (such as a basement apartment)
- Available for 1-4 unit family dwellings, townhomes, row homes, condo & PUDs!
For more information, or to pre-qualify for a HomeReady Mortgage, contact us today at 888-247-5757.