What is the HomeReady Program?
Formerly known as the “Community Mortgage” the HomeReady program provides assistance for home buyers to get the mortgage they need to purchase a home.
- Loan Purpose:Purchase or Limited cash-out rate and term refinance
- Occupancy is 1-4 units Principal Residence.
- Loan to Value up to 97%
- NO First Time home-buyer requirement
- Adjustable rate and Fixed rate options available.
- No Income Limits in low-income census tracts
- 100% AMI (area medium income) census tracts or designated disaster areas
- 80% of AMI in other tracts. Use this link to see your eligible AMI https://www.fanniemae.com/
- Occupant may not have an ownership interest in any other property at the time of closing
- Non -Occupant borrowers are permitted at max 95% LTV, income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower
- Standard debt to income is 45%, in certain cases up to 50%
- Home Ownership education is required and certificate must be retained in the mortgage file.