TO THE PROS AND CONS
HOMEREADY MORTGAGE PROGRAM
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The HomeReadymortgage program
was created by FannieMae and was designed
to help home buyerswith limited resources
afford mortgages.
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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
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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.
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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.
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T O L E A R N M O R EBLOWNMORTGAGE.COM
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C L I C K H E R E
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Justin McHood is Americas MortgageCommentator and has been providing
Mortgage commentary for over 10 years.
MORTGAGE COMMENTATOR
INFORMATION PROVIDED BY:Justin McHood
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