Built for today’s first time home buyers and available for those who have already owned a home, Fannie Mae has replaced the MyCommunityMortgage® with the HomeReady™ Mortgage loan program.
Below are some highlights of the new program:
- Extended households may help you qualify
If your household includes members who won’t be included on the mortgage-such as relatives or roommates- their income may help you qualify.
- Others who don’t live in the home can join you on the mortgage
Co-borrowers on a HomeReady™ mortgage are not required to live in the home, so relatives or other individuals may assist you with your home purchase.
- Down payments as low as 3%
Ideal for home buyers who cannot afford to make a large down payment.
- Homeownership education to help you succeed
Convenient online education that prepares you to buy a home and own a home for the long run.
- Savings over the life of the loan
With private mortgage insurance that may cost less over time- may be eligible to be cancelled once 20% home equity is reached, unlike mortgage insurance on government-issued loans.
If you have any questions at all regarding the new HomeReady™ Mortgage loan program, please feel free to contact me today. I’d be happy to assist you in making your dreams of home ownership a reality!
Income limits may apply. MyCommunityMortgage® is a registered trademark of Fannie Mae. HomeReady™ is a trademark of Fannie Mae.
Inlanta Mortgage Pewaukee 