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HomeReady Mortgages

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Limited time offer: Closing Cost Credit for Appraisal Fee up to $510 for any purchase mortgage submitted on or after April 5.

Designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

  • Down payment as low as 3%. Ideal for home buyers who can't afford a large down payment. 
  • Flexible sources of funds. Extended households may help you qualify. Co-borrowers are not required to live in the home, so relatives and other individuals may assist you with your home purchase.
  • Homeownership education to help you succeed. Convenient online education prepares you to buy a home and own a home for the long run.

Comparing HomeReady to FHA
HomeReady Mortgage

  • Down payment as low as 3%.
  • Can work with Fixed Rate Mortgages or ARMs.
  • Flexible sources of funds. Extended households may help you qualify. Co-borrowers are not required to live in the home, so relatives and other individuals may assist you with your home purchase.
  • Cancellable mortgage insurance.
  • Homeownership education required.

Pro:  For home buyers who can't afford a large down payment. Designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.  Mortgage Insurance can be cancelled at certain LTV levels.
Con: Credit score requirement may be higher than FHA mortgage.

FHA Mortgage

  •  Insured by the Federal Housing Administration.
  • Can work with Fixed Rate Mortgages or ARMs.
  • Allow for down payment with as little as 3.5%. Money can be gifted by a family member.
  • Minimum credit score of 500 to qualify.
  • Mortgage insurance is required – protects the lender from a loss if borrower defaults on the loan.

Pro: For those with less than perfect credit or new homebuyers, the FHA loan provides the opportunity to get a mortgage.
Con:  Upfront and monthly mortgage insurance can be expensive.  Mortgage insurance can never be cancelled.

 

 

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