468x60 General & Logo

Just Approved: HomeReady program helps first-time buyer purchase with 5 percent down

HomeReady program helps first-time buyer purchase with 5 percent down Fannie Mae’s HomeReady program is the best 30-year conventional loan offered by lenders. Fannie Mae designates all of the Bay Area’s ZIP codes as low- to moderate-income areas making any home in the Bay Area eligible for the HomeReady program. In this particular scenario, the borrower was looking to purchase a property within an eligible ZIP code and had completed the required homeownership education. The borrower was also able to take advantage of rent they had been receiving from a roommate. Room rent income is part of the HomeReady program’s expanded eligibility. Once all of the eligibility requirements were confirmed, the purchase loan was submitted to the lender with a 725 credit score, 95 percent loan-to-value ratio and moderate income.

Article by Real Estate News RSS Feed (c) Real Estate News RSS Feed - Read full story here.