At SRK CAPITAL, we understand that purchasing a home is a significant milestone. This is especially true for first-time buyers and those with moderate incomes. Navigating the mortgage process can be daunting. But, loan programs like Fannie Mae's HomeReady® Mortgage can make home ownership more attainable.
We are proud to offer HomeReady loans, along with a wide range of QM loans and Non-QM loans. Our goal is to help make the dream of home ownership more accessible to as many home buyers as possible.
What are HomeReady Loans?
The HomeReady mortgage is a type of conventional loan program offered by Fannie Mae. It is meant for creditworthy, low- to moderate-income home buyers. It allows for a down payment as low as 3%, making it an attractive alternative to FHA loans.
Key Features of HomeReady Loans
Low Down Payment
HomeReady offers the ability to buy a home with just a 3% down payment. This feature stands out for reducing the upfront costs linked to buying a home.
Flexible Income Sources
HomeReady allows borrowers to include income from various sources. These sources include non-occupant co-borrowers and rental income from boarders. This flexibility can enhance your eligibility and borrowing capacity.
Reduced Mortgage Insurance Costs
Unlike some other loan programs, HomeReady offers cancellable mortgage insurance once your home equity reaches 20%. This feature can eventually lead to significant savings over the life of the loan.
Home Ownership Education
Some borrowers can be required to finish a home ownership education course. There are several to pick from, like Fannie Mae's free HomeView® course. These courses help make sure you are ready for the responsibilities of home ownership.