January 16th, 2019 10:03 AM by Jackie A. Graves, President
We understand the financial challenges of many homebuyers and homeowners looking to refinance. They can’t afford a large down payment; may have multiple student loans; or may rely on income from non-traditional sources (e.g., parents or other family members). These challenges can make homeownership seem impossible, or may have impacted their ability to buy or refinance a home in the past.
Not anymore. After much research and feedback from both homebuyers and lenders, Fannie Mae created HomeReady® mortgage, an enhanced affordable loan designed to meet the diverse financial and familial needs of responsible, creditworthy buyers and homeowners.
If you’re looking to buy or refinance a home, HomeReady mortgage addresses common financial challenges and offers expanded eligibility guidelines, such as:
HomeReady mortgage has a homeownership education requirement to help buyers prepare for the responsibilities of buying and owning a home. Buyers can complete an online homeownership course offered by Framework® to fulfill the requirement. One-on-one homeownership advising (e.g., through a HUD-approved counseling agency) may also be an option for buyers who could benefit from personalized assistance. If you seek one-on-one advising, speak with your lender beforehand to confirm that you’ll meet the HomeReady mortgage education requirement.
For more details and to see if you qualify for a HomeReady Mortgage, talk to a lender. Your lender may have other affordable financing options for you to consider as well. Always compare and shop around for the mortgage that works best for your financial situation.
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