1 STOP MORTGAGE BLOG!

1 STOP Mortgage's HomeReady™ is Loan of the Week!!

June 6th, 2016 | 1 STOP Mortgage Loan of the Week!

Mortgage-calculator|1-STOP-Mortgage|HomeReady|Memphis|Atoka|Jackson|Collierville

Make your Piggy Bank Happy with a HomeReady™ Mortgage!

 

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!

 

Serving the Great Mid-South Region
Offices: 901-388-1588 or 901-476-9100 | Toll-Free: 
888-580-1588 | Fax: 901-388-6202 | Email: info@1stophomeloans.com
1 STOP MORTGAGE | NMLS#215671 | TN Lic#108931 | 5909 Shelby Oaks Dr, Suite 129, Memphis, Tennessee 38134