The Fulton Mortgage Company is pleased to introduce the HomeReady Mortgage Plus program to homebuyers from New Jersey to Virginia. This is the same HomeReady program that you may be familar with except our program has NO Mortgage Insurance. Now I know some of you may be thinking it has have some sort of mortgage insurance may be lender paid and the answer is NO, NADA, ZILCH. This program offers 3% down payment and maximum loan amounts based on the City/County where the property is located. In some high cost areas, it can be up to $636,150 and with a very low competitive rate ( no add-ons for no mortgage insurance). Borrowers can qualify if their income is below 100% for the City or County where the property is located and in some cases there might a NO Income Restrictions based on the location of the property. Down payment can be borrowers own funds, Gift Funds or a Down Payment Assistance Program. Minimum credit score for this program is 620 and Homebuyer education is required. Seller concessions allowed up to 3% for loan to value over 90%.
This is not only for first time home buyers, you must be purchasing a Primary Residence to use this program.
Want more details how you use this program to assist your clients increase their purchasing power, then call or email me.
Noel A. Shepherd
NMLS#313280
Office: 202-642-4305
Comments(3)