HomeReady Mortgage is built and updated for todays home buyers
Homeready As Of December 10,2016 is also including site Condos.
✔Site condo consist of Single-Family detached house where owners own the entire dwelling and the land.
✔A condo project review is not required for units that meet the criteria for site condos.
✔When delivering these loans the lender must use Project Code V and SFC 588 which is used for detached condos.
What does all this mean?
It means your lender has more access to more features with more flexibilities to expand access to credit considerations as compensating and support factors.
What are the features of the Homeready Mortgage?
✔Underwriting flexibilities expand to credit Include:
✔Income from non-borrower household members considered as a transactions in DU when the mortgage being refinanced is owned or guaranteed by fannie mae
What about benefits for me?
I am glad you asked !!
✔Low down payment-Up to 97% LTV Financing for home purchase and refinance.
✔Flexible sources of funds-Can be used for the down payment and closing costs with no minimum contribution required from the borrowers own funds (1-unit properties)
✔Affordable and cancellable monthly MI. Reduced MI coverage requirements above 90% LTV, cancellable MI (restrictions apply)
✔Homeownership course. The online https://homeready.frameworkhomeownership.org/ Framework course prepares borrowers for sustainable homeowner, other education and advising options are available.
What are the features of the Homeready Mortgage?
✔Income from non-borrower household members considered as a compensating factor in desktop underwriting (DU) allowing a debt-to-income(DTI) ratio >45% up to 50%.
✔Underwriting flexibilities expand access to credit Include:
✔Income from a non-borrower household members considered as a trans in DU when the mortgage being refinanced is owed or guaranteed by fannie mea
✔Rental unit and boarder income
✔Non-occupant borrowers, such as a parent
✔Borrower is not required to be a 1st time homebuyer
✔Supports manufactured housing up to 95% and HomeStyle Renovation (approved lenders) up to 95%
✔Financing up to 97% loan-to-value (LTV) for purchase of one-unit principal residence (DU is required for LTV ratios >95%) LTV for limited cash out refi (LCOR) and up to 97% LTV% for LCOR Homeready mortgage is built and updated for todays homebuyers.
Resource: fanniemae.com
Marian Garcia-Stevens 