Are YOU Ready for HomeReady?

May 22, 2017 By ,

Some lenders completely ignore segments of the potential mortgage market. Ignoring certain populations can qualify as a discriminatory practice by regulators. At PRM, we want to serve all communities and bring the dream of home ownership within reach. Through Fannie Mae’s HomeReady program, we can help you to grow your business in underserved communities for credit-worthy clients with low to moderate income. With flexible income guidelines not seen in other conventional programs, HomeReady helps PRM to assist you in bridging the gap for clients who otherwise would have limited financial options.

HomeReady Flexible Income Guidelines

  • Rental income acceptable
  • Boarder income acceptable
  • Non-Occupant Co-Borrowers acceptable
  • Expanded eligibility for lower income families by potentially using income derived from occupants other than the borrower as a compensating factor
  • Flexible DTI requirements

HomeReady increases home affordability in other ways. HomeReady is a low down payment option, which can be less than the required amounts for FHA loans. Additionally, your client also doesn’t have to be a first time homebuyer, and properties can be more than 1 unit.

In order to qualify for HomeReady, your client must meet income requirements for the area the subject property is located in.  For low income census tracts, there are now income limitations. Income limitations by area can be viewed here.

If you have a client you think might benefit from the flexibility of the HomeReady Program, contact PRM today. We would love to partner with you to serve ALL of our local communities!

 

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