The Fannie Mae HomeReady program has a variety of options to help low-to moderate income borrowers purchase or refinance their home, including flexible income sources and low-down payment options. Down payment can come from a gift with no borrower funds required. This program can be used for non-First Time Home Buyers or First Time Home Buyers. Pricing advantages compared to standard loan programs with lower Mortgage Insurance premiums are available.
With the 3% Down Payment, the Home Ready Program removes the barriers of a larger down payment from Home Ownership. Stable Housing payments and building equity are some of the benefits to Home Ownership.
What is the Fannie Mae HomeReady Loan Program?
With no first-time homebuyer requirement, the HomeReady program allows for credit scores as low as 620, Owner Occupied Financing 1-4 units, condos, and PUDs. For Single Family Residences, there is no minimum borrower funds contribution as all Gift Funds are acceptable. Non-occupant co-borrower’s income is allowed. Home ownership counseling is required.
Fannie Mae is not a Mortgage Lender. HomeReady™ is a trademark of Fannie Mae.
How Does the 3% Down Conventional Loan Work?
Applicant would put 3% Down of the Purchase Price. Low down payments help out with the upfront costs of buying a home and minimize funds to close. To ask about down payment sources, please call Home Mortgage Specialists, Inc. at 309-222-8286.
Am I Eligible for a 3% Down Conventional Loan?
Income Limits and Credit Limitations apply for this 3% Purchase Program but the HomeReady Loan Program allows for lower credit scores all the way down to 620 credit score.
Income Limits apply based on the County your purchasing the home in – To check the income limit that you are purchasing a home in please put in the property address.
Applicants with credit scores of 680 or higher can qualify for no monthly mortgage insurance. If your credit score is below 680 then you may qualify for the Home Ready Program but your interest rate and monthly mortgage insurance may be higher based on your credit score.
Get Pre-Approved for a 3% Down Conventional Loan
If you are looking to purchase a home in Peoria, Dunlap, Morton, Metamora, Bartonville, East Peoria, Washington or anywhere throughout the State of Illinois, contact Home Mortgage Specialists, Inc. at (309) 222-8286 for more information, or simply fill out the form on this page under Apply Now.