June 6th, 2016 | 1 STOP Mortgage Loan of the Week!
UPDATE!! This conventional option for borrowers looking to purchase with a low down payment or refinance with limited equity has special features, allowing all household member's income to contribute to the mortgage!
HomeReady™ loan information is accurate & current as of today, June 6, 2016. This post has been updated since its first publish date to reflect updates and clarification in the HomeReady™ program.
HomeReady™ allows a downpayment of just 3% on a home and permits the "income pooling" for all
of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan.
For many families, this can mean the difference between getting approved for a loan and getting turned down.
HomeReady™ can also be used for a refinance, allowing up to 95% loan-to-value (LTV) in some cases.
In order to be eligible for the HomeReady™ program:
You must not be an owner of another residential property in the United States
You must agree to complete a 4-6 hour online homeowner counseling course
If you can meet these two criteria, you may be HomeReady™-eligible.
Give us a call at (901) 388-1588 and let's see if the HomeReady™ program meets your goals!