Pros and Cons to the home ready mortgage program

TO THE PROS AND CONS

HOMEREADY MORTGAGE PROGRAM

BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008

http://sctrak.com/bmss

The HomeReadymortgage program

was created by FannieMae and was designed

to help home buyerswith limited resources

afford mortgages.



HomeReady Mortgage Program

PROS

Allows a borrower to buy a new home with a low

down payment

Allows a borrower to include income from other

non-occupant borrowers

There is no mortgage insurance premium or

private mortgage insurance cost due up-front

This program offers more flexible mortgage

qualification requirements.BLOWNMORTGAGE.COM

LENDER HOTLINE: 888-581-5008


HomeReady Mortgage Program

Cons

The HomeReady program usually has a higherinterest rate than other mortgage programs thatadvertising no or low down payments.Depending on the property’s location theborrower could be subject to maximum incomelimits.The HomeReady program does require that theborrower pay Private Mortgage Insurance on amonthly basis.There are limits on the mortgage amount basedon what you qualify for.



There are pros and cons to every mortgage programand it’s important to research both to get a betterunderstanding of the mortgage program you arelooking into. The HomeReady Mortgage Program wascreated by Fannie Mae and designed for big familieswho all live together in the same house. You can useincome from other family members to qualify for theHomeReady mortgage program.



T O L E A R N M O R EBLOWNMORTGAGE.COM


C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

MORTGAGE COMMENTATOR

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Date post:	12-Apr-2017
Category:	Real Estate
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Pros and Cons to the home ready mortgage program

Real Estate