Forget about Fannie Mae’s MyCommunity program because on December 12, 2015, it released a new enhanced version of its conventional option up to 97% LTV – HomeReady.
This low down-payment program has been upgraded to be more comparable to Freddie Mac’s Home Possible program. With no restrictions on first-time home buyers and more flexible income qualifications – think of HomeReady as your go-to program for any conventional loans requiring mortgage insurance. Superior Mortgage Lending is prepped and ready to start accepting loan applications as of today.
Program highlights include:
- No Fannie Mae adjustments on all loans with 680 FICOs and above – including high balance loans!
- First-time home buyers eligible
- Available for non-Fannie Mae rate/term refinances
- Relaxed AMI income limits based on census tracts
Not only is this a great conventional alternative for clients looking to purchase a home, it could be the key to getting borrowers out of their current FHA mortgage and into a more favorable mortgage payment.