At MortgageDepot, our goal is to help our clients purchase a home with confidence. We are experts in multiple mortgage programs in Pennsylvania, including the HomeReady Program.
Fannie Mae’s HomeReady Program is aimed at low-income buyers with fair-to-excellent credit scores. It is a smart solution for people who are striving toward ownership but are restricted by their finances.
HomeReady Program Features
The HomeReady Program is an attractive option for many Pennsylvania home buyers. Here are some of the benefits that make this type of loan stand out:
- You do not need to be a first-time buyer to participate in the program.
- The down payment can be as low as 3 percent.
- Income from household members who are not listed as buyers and nontraditional sources of income can be considered during underwriting.
- This loan can be used for owner-occupied, multi-family residences that consist of up to four units.
- Borrowers with a credit score equal to or above 680 may qualify for pricing benefits.
- Co-borrowers do not need to live in the home being purchased.
HomeReady Program Eligibility Requirements
To participate in the HomeReady Program, borrowers need to meet these four main qualifications:
- The borrower’s annual income must not exceed 80 percent of the area median income, including properties in low-income areas.
- Their credit score must be at least 620.
- They cannot own another residential property when they apply for the program.
- Borrowers must attend home ownership classes recommended by the U.S. Department of Housing and Urban Development.
If you have questions about the eligibility requirements for the HomeReady Program, MortgageDepot can help. Our loan consultants will meet with you to review the program’s qualifications and your situation to determine if this loan program is the best way to achieve your home-buying goals.
Mortgage Solutions for Every Buyer
MortgageDepot is the premier mortgage broker serving Pennsylvania. Our experienced loan officers are dedicated to helping clients finance their real estate goals. Contact MortgageDepot today to see if the HomeReady Program is right for you!