Home Ready and Home Possible Mortgage:
Fannie Mae and Freddie Mac have introduced a new way for home buyers to purchase a home. If you have never owned a home you are eligible for reduced mortgage insurance (or no mortgage insurance) and a low down payment starting at 3%. However you are not limited to the 3% down payment, you can put more down and still get the reduced mortgage rates.
The criteria for these mortgages are easy, considering they are a conventional mortgage they are subject to the same conditions a traditional loan is. That means they are more relaxed on their appraisal guidelines and underwriting than their FHA counterpart.
These loans are subject to income limits and vary by a number of factors. You can look up the income limits by address by clicking here.
Unlike other programs that have income limits, Home Ready / Home Possible is more flexible. Loans like WHEDA will take all overtime and household income into consideration. Whereas these loans can omit a spouses income and debt. If you have overtime that pushes you over qualification that can be omitted as well.
You do not have to be a “first time home buyer”
A first time home buyer is classified as someone who “has not owned a home in the last 3 years”. This means anyone who has never owned a home, or anyone who has sold a home 36 months ago can now qualify as a first time buyer and experience the low rates and mortgage insurance. You can sign up for weekly rates by clicking here as well.
What Can I Do Now?
You can Sign up for mortgage rates here
Read the About me section and learn more about how I conduct business
reviews are a great way to see who you are dealing with
if all that checks out you can apply here
- C) 920-530-4484
- O) 920-490-8823
- F) 920-490-8967
909 . E Walnut Street
Green Bay WI 54301