Did you know with FannieMae’s HomeReady program you can put down as little as 3% on a conventional home loan? You do not need 20% down to purchase a home.
Wondering if you’d be a good fit for a HomeReady loan?
If you are a first time home buyer and you qualify for a Conventional HomeReady loan, you do not need 20% to purchase a home, you can put down as little as 3%!
01. Are you a first-time or repeat homebuyer? This loan is a good option for a first time home buyer or a repeat buyer.
02. Do you have limited cash for a down payment? This loan allows you to put down as little as 3%. This allows you to free up your liquid assets to take care of closing costs or repairs.
03. Do you have a credit score ≥ 620? You can qualify with a credit score of 620 but borrowers with credit scores ≥ 680 may get even better pricing!
If all borrowers are first-time homebuyers, then at least one is required to take homeownership education, regardless of LTV.
04. Are you a supplemental boarder or have rental income? Rental income can increase borrowers home buying power!
05. Are you looking to purchase or refinance? You can use a FannieMae HomeReady loan to purchase or refinance.
If you said “YES” to any or all of these questions, FannieMae says you’re a good candidate for the HomeReady loan. Click here to schedule a meeting with an agent and learn more about your home buying options! [Source: fanniemae.com]