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New Homeownership Options: HomeReady

February 16, 2016 — 2 min read

Today's first-time homebuyers are facing unique financial situations that can make homeownership a challenge. For some, large down payments or student debt makes qualifying seem overwhelming. Others rely on non-traditional income sources such as parents, extended family members or rental properties to qualify. Pacific Residential Mortgage's (PRM) HomeReady loan product can help overcome those challenges and make homeownership a reality. HomeReady will help creditworthy, low to moderate-income borrowers acquire financing by enhancing the profile of acceptable income sources. In addition, borrowers purchasing in low-income Metropolitan Statistical Areas (MSA) enjoy even unrestricted income limits.

HomeReady Features:

  • Low down payment - first-time and repeat homebuyers can purchase a home with a down payment as low as 3%
  • Permits "income pooling" for all members of the household - in multigenerational households, the income of parents, grandparents and other extended family members may help buyers qualify
  • Co-borrower flexibility - Not all borrowers are required to reside in the property
  • We accept additional income sources - we allow rental income as additional income
  • Conventional home financing with cancellable monthly MI - reduced MI coverage requirement above 80% LTV
  • Homeownership education (Framework) - helps borrowers prepare to buy a home and understand the responsibilities of homeownership
If you would like more information on the various mortgage products available to help your homebuyers with non-traditional income sources to purchase the home of their dreams, contact us today. We are always here to answer your questions.
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