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HomeReadyLoans
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What is a home ready loan?
The home ready loan is designed by
Fannie Mae for creditworthy borrowers
who may have a moderate to low income.
This loan is flexible and can be used for
whatever the borrower see fit, however
can make a good mortgage loan. This is
due to the expanding eligibility for
financing homes in low income, minority, or
disaster impacted areas.
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Home Ready loans can offer some
competitive rates due to DU credit risk
assessment. This loan also allows for
grants, or monetary gifts to be a source
of funding from the borrowers for a
down payment and the closing costs of
the home. This loan can help you step
into home ownership, and help your
generate better credit down the line.
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Borrower
benefits:
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Low down payments
With a Home ready Loan you can
finance up to 97% of your home and
you can use grants and monetary
gifts to pay the downpayment.
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Flexible Fund source options
Both the downpayment and the
closing costs can be paid with
borrowed, public, or gifted funds,
there is no contribution required
from the borrower’s funds.
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Cancellable monthly MI
You can request to cancel the MI
payments when the loan balance
drops below 80% loan to value ratio.
It will be automatically dropped at
78%.
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Homeownership training
With this program there is a
Homeownership training
available online to help educate
and prepare the buyers of
homeownership.
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What are the eligibility requirements?
This loan is created for low income
families and individuals to be able to
get into their homes with help. There
are modified eligibility requirements
set in place to help ensure that the
lender feels confident in lending and
the borrower will qualify.
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Here is a list if what you need to be
eligible for this offer:
The borrower must complete the the online training
course and receive the Certificate of Completion.
The borrower must be a first time home buyer
The borrower must live in the property as a primary
residence within 60 days of closing
The property needs to be on the list of eligible
homes for this program.
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Check out your options for a Home
ready loan. Make sure you shop
around with lenders to get the best
programs for you. Get rates today
with us and take your first steps
toward homeownership!
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T O L E A R N M O R EMORTGAGE.INFO
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C L I C K H E R E
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Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION PROVIDED BY:
Justin McHood
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