Do your clients qualify for the brand new, HomeReady(r) loan.
It's probably the best 3% downpayment loan out there today--because they've eliminated the strict downpayment documentation.
Here are the deails to ask your lender about and here's a link to an interactive map. Just enter the address of your listing to see if the property qualifies. If it does, be sure to mention that the property qualifies for Home Read on your listing info section.
Oh, and here's the scoop about the loan program. If your lender has not heard about it (because it's so new) share this blog with them too.
- 97% Loan to Value – Up to 105% Combine Loan to Value – with eligible Community Second
- Gift, grants and Community Seconds can be used for down-payment and closing costs
- Borrower Minimum Contribution Requirements – None
- Flexible Income Limitations
- No income restrictions in low-income census tracts (those that are 80% of Area Median Income
- 100% of Area Median Income in high minority census tracts
- 80% of Area Median Income in other census tracts
- Excellent Option for Extended Income Households – allowing non-borrowing household income to be used as a compensating factor (this income source is not counted against area median income limits
- Allows Boarder Income to be used in qualifying
- Allows Non-Occupant co-borrowers to be used in qualifying (maximum Loan-to-Value reduced to 95%)
- Allows rental income to be used for qualifying from a one-unit primary residence with an accessory unit
- Permits the use of temporary buydowns
- Does not require the borrower to be a First-Time Homebuyer
- Cash on hand is an acceptable source of down payment and closing costs
- Allows for Seller concessions of up to 3%
- 1-4 unit properties are eligible – restrictions apply
By: Karen Deis, Publisher, www.MortgageCurrentcy.com
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