By now, many of our Real Estate Agents have heard of the program designed by Fannie Mae, known as HomeReady. HomeReady is an excellent way to serve those in moderate to low income communities. In certain parts of Oklahoma and Texas a property may even allow for the borrower to have income up to 100% of the area median income. The vast majority is 80% of the area median income; however, we the lending officers need to check for you and your clients as you shop for the best home in your client’s price range. So reach out to me and let me search out is this property in an area where the borrower’s income is 80% of area median or 100% of the area median income. Here are just a few of the good reasons to look at the HomeReady program:
Low Down Payment
Flexible Source of Funds
Non-borrower household income is not counted toward income eligibility limits
Reduced mortgage insurance coverage above 90.00% loan to value
Homeownership education and advising options empower borrowers to become successful homeowners
A reasonable path to home ownership, which just may help a friend or family member become a home owner!