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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
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