Many first-time home buyers can probably relate to Haley Fraeyman.
Haley is interested in buying a house. As a newly hired elementary school teacher she has steady income, but as a recent college graduate she hasn’t yet built up a full credit history. Nor does she have significant savings, at least not enough to comfortably afford a 20% down payment.
Still, now that she is a proud graduate and part of the adult workforce, she wants to find a home of her own.
Who wouldn’t. The question is: where does she turn?
Luckily for Haley and others like her, there is an answer. It is a program from the Federal Government that makes home ownership affordable for buyers who have good income, but maybe lack a down payment.
The program is called HomeReady™. It allows buyers to purchase homes with as little as 3% down. With HomeReady, borrowers can also get down payment assistance from friends and family, making home ownership even more attainable!
|Interested in Learning More About HomeReady?
Call us at 1-866-532-0550 or locate a Mortgage 1 loan officer near you and get the HomeReady process started with our digital mortgage app.
HomeReady is a program that allows mortgage lenders like Mortgage 1 to help borrowers who have decent credit and steady income but maybe not a lot of savings. It is perfect for people at the beginning of their careers like new teachers or first-responders or recent college graduates or tradespeople who just got their journeyman’s license, all of who are on the path to good income and steady employment.
HomeReady is backed by the Federal National Mortgage Association (Fannie Mae) and is available only through approved lenders like Mortgage 1.
HomeReady offers these benefits: (View our infographic)
HomeReady helps people like Haley who have steady income but have not built up reserves to cover a down payment. She meets all the requirements. As a single earner, her income meets the limits Fannie Mae has set for where she wants to purchase. She is currently living at home with her parents but wants a home of her own as a primary residence. Her parents are willing to assist with a down payment.
According to Mortgage 1 loan officer Dawn Connors (Symington), Haley is exactly the type of borrower HomeReady is meant to help.
“The biggest challenge many new buyers face is the down payment. With HomeReady, you can get into a $200,000 home with just $6,000 down.“
– Dawn Connors (Symington),
Mortgage 1 Loan Officer
To qualify for HomeReady, these are the major criteria you must meet:
As with any home purchase, you should do your homework and prepare yourself before taking the big step of buying a home. Here’s what you can do to get ready for a HomeReady loan.
“While HomeReady allows for credit scores as low as 620, for the sake of your overall financial health it’s best to have as high a credit score as possible.”
– Steve Kobylecki, Mortgage 1 Branch Manager
Want to know more about HomeReady? Call us at 1-866-532-0550 or locate a Mortgage 1 loan officer near you to get the process started using our digital mortgage app. It’s fast and easy!