Fannie Mae HomeReady® is a mortgage program offered by Fannie Mae, a government-sponsored enterprise that provides liquidity and stability to the U.S. housing market. The program is designed to help low-to-moderate income borrowers and first-time homebuyers purchase a home with a low down payment and flexible credit requirements.
To be eligible for the Fannie Mae HomeReady® program, borrowers must meet certain income and credit score requirements, and the property being purchased must meet certain occupancy and appraisal requirements. The program offers a down payment option as low as 3%, which can help make homeownership more accessible to borrowers who may not have a large amount of savings for a down payment.
One of the key features of the program is that it allows for the use of non-traditional credit sources, such as rental history or utility bills, to help borrowers meet the credit requirements. The program also offers reduced mortgage insurance coverage for borrowers who have a down payment of less than 20%, which can help lower the overall cost of the loan.
In addition, the program offers education and counseling to help borrowers navigate the homebuying process and become successful homeowners. The education and counseling may cover topics such as budgeting, credit management, and homeownership responsibilities. If you are a low-to-moderate income borrower or a first-time homebuyer looking to purchase a home, the Fannie Mae HomeReady® program may be a good option for you.
Arigato Capital is a specialist in helping low-to-moderate income borrowers take advantage of this attractive financing opportunity and will guide you through the entire loan process.
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