Homeownership Education by Framework
What You Need to Know
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).
What You’ll Learn
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
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
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*
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
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).
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.
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).