what is the home ready program- homereadymortgage.com

What is TheHomeReady Program

HOMEREADYMORTGAGE.COM LENDER HOTLINE: 888-581-5008

http://suited45trk.com/?a=75&c=1965&s1=&ts=hrmss

A new low-income mortgage program is being releasedby The White House that allows lenders to qualify a homebuyer by factoring in additional income from someonewho may be residing in the house but not necessarily beon the loan. The HomeReady Program, offered throughFannie Mae replaced the former MyCommunityMortgageProgram in 2016.

What is The HomeReady Program



This new program now known as an alternative mortgageprogram allows a borrower to qualify for a home loan byimplementing a roommate’s income without having to addsaid roommate to the mortgage loan. This HomeReadyMortgage Loan Program also allows you to use incomefrom other sources who aren’t even residing in the home,for example your parents. As long as your incomeincluding additional income meet the debt-to-incomeratio of at least 43% you can qualify for the HomeReadyProgram.



Qualifications

Even if your credit isn’t that good, you can still qualify forthe HomeReady program, as long as your credit score isa 620 you could qualify and would only need to putdown 3%. This program is available to both first timehomebuyers and repeat buyers and can even expand toinclude refinancing. This program was designed as partof a Government campaign. Its purpose is to help largeHispanic families who live in groups to qualify for a homeloan by utilizing everyone’s income in the qualifyingprocess.



Fannie Mae states there is a large underserved market ofHispanics who share their homes and the finances withtheir extended families. Many Hispanic families feel theywere being overlooked by stringent qualifications andguidelines by lenders and now feel they have a chance athomeownership.

Borrowers typically have a few more qualifications in orderto get approved for a HomeReady loan. In addition tohaving a decent credit score, stated above, and reliablehistory the borrower must also complete an online coursethat will help prepare the borrower for the homebuyingprocess and it will provide support after the housepurchase to help maintain sustainable homeownership.



Borrowing Limit and RatesMajority of lenders who work with this type of programaim to see your total debt to be less than 35% of yourgross monthly income as in before any taxes, deductionsor garnishments come out. The percentage includesmortgage and rent payments, vehicle loans, studentloans, and any credit cards or other debt you have. Besure to know exactly what you can afford too. On paperyou may be able to afford a certain amount, but thinkabout how much debt you can afford personally. Don’tget overwhelmed by getting into something you can’tpersonally afford.



Usually the HomeReady mortgage rate is set by theapproved lenders and brokers. Loan rates are setdifferently and by different lenders. This is why it isimportant to shop around to find the best lender, optionsand rates. Other factors that might affect theHomeReady loan rate would be, the economy, thefinancial markets, and what other conventionalmortgage rates are doing.



T O L E A R N M O R EHOMEREADYMORTGAGE.COM

LENDER HOTLINE: 888-581-5008

C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

Mortgage Commentator


http://mortgagecommentator.com/

LEARN MORE ABOUT MORTGAGE COMMENTATOR:

MORTGAGECOMMENTATOR.COM

@MORTGAGECOM_

FACEBOOK.COM/MORTGAGECOMMENTATOR

LENDER HOTLINE: 888-581-5008


http://mortgagecommentator.com/

https://www.facebook.com/MortgageCommentator/

https://twitter.com/mortgagecom_

what is the home ready program- homereadymortgage.com

Real Estate