If you’re in the market for a new home, but worried that the process is too complicated or that you won’t have enough money for a down payment, Fannie Mae’s HomeReady program could be an option for you. This program was designed to help creditworthy low-income borrowers achieve the dream of homeownership. Nutter Home Loans has partnered with Fannie Mae for decades and is proud to offer this innovative program to our customers.
HomeReady is an affordable program that allows borrowers to purchase a home with a down payment as low as 3%, which is less than the requirement for an FHA Loan. Plus, the Mortgage Insurance (MI) for HomeReady borrowers is also at a reduced rate.
To help buyers qualify for a new home purchase, non-occupant borrowers are permitted. For example, your parents could co-sign on the loan, even if they have no intention of living with you. Co-borrowers are not required to occupy the property.
In addition, HomeReady offers flexible funding. This means cash for the down payment and closing costs can come from multiple sources, including gifts and grants - with no minimum personal funds required.
Check out the Fannie Mae HomeReady Fact Sheet.
Since 1951, we’ve helped people save hundreds, or even thousands of dollars a month, when they purchase or refinance their mortgage with Nutter.