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Fannie Mae’s HomeReady Mortgage

Built with today’s homebuyers in mind

Homeownership Education by Framework

The course breaks homebuying down into easy-to-grasp lessons that take about 4 to 6 hours to finish.

You’ll complete the lessons online (from your computer, tablet or smart phone), at your convenience.

Once you’re done, download and save your Certificate of Completion (you may need to provide it to your loan officer).

How much home you can afford

How to fix or improve your credit

How to shop for the best mortgage loan

The steps of the mortgage process

The 10 professionals involved in most home purchases

What to include in your offer

Home inspection basics

The steps of the closing process

And more

 

Ideal HomeReady Borrowers

If you are a first-time homebuyer, the Fannie Mae’s HomeReady Mortgage Program is for you. Fannie Mae’s HomeReady Mortgage offers you the comfort of knowing your mortgage is financially sustainable. Here are the reasons why you should choose Fannie Mae’s HomeReady Mortgage:

* A 3% down payment option. First-time and repeat homebuyers can purchase a home with a down payment as low as 3% of the purchase price.

* Co-borrower flexibility. All borrowers do not have to reside in the property. For example, parents, who won’t be living in the home, can be co-borrowers on the loan to help their children qualify for a mortgage and purchase a home. Income limits may apply.

* Low income

* First-time or repeat homebuyers

* Limited cash for down payment

* Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing

* Supplemental boarder or rental income

* Looking to purchase or refinance

Flexible Funding

Cash for down payment or closing costs can come from multiple sources, including gifts, grants, and Community Seconds, with no minimum personal funds required.

RefiNow Mortgage Refinancing

Homeowners must meet eligibility requirements, including:

A Fannie Mae-owned mortgage secured by your home*

Income below the applicable limit**.

No missed payments in the past six months, and no more than one missed payment in the past 12 months

A credit score of 620 or higher

* Must be a 1-unit, principal residence
** To qualify, your current income must be at or below 80% of the median income for your area

What do you need to qualify?

A minimum 620 FICO

You have a conventional loan owned by Fannie Mae

Income no more than 80% of your area’s median income

97% maximum loan-to-value

Debt to income ratio up to 50%

No missed payments in the last 6 months. No more than 1 missed payment in the last 12 months

How It Works

Homeownership Education

Take a homebuyer education class online. Once you’re done, download and save your Certificate of Completion (you may need to provide it to one of Northeastern Realty’s mortgage loan officer).

Pre-approval Letter

Get pre-qualified for the Fannie Mae’s HomeReady Mortgage Program. A pre-approval statement from a lender means the broker has investigated your assets, debt, and credit history to determine whether you can qualify for the Fannie Mae’s HomeReady Mortgage Program. Get prequalified online in minutes.

Begin House Hunting

Your real estate agent will help you hunt for houses within your budget. It’s a good idea to make a list of your top priorities, some of which might depend on whether you’re looking for a starter home (one you’ll be in for a couple years or so) or forever home (one you can picture yourself in for a long time).

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