Loan Programs

Owner Financing: How Does It Work?

Sometimes you have more option than strictly obtaining financing from a lender. Owner financing offers you the opportunity to obtain financing directly from the seller. While not very common, this situation could occur, giving you another chance at becoming a homeowner. How...

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What Borrower Income Flexibilities are Unique to HomeReady™?

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The HomeReady™ loan is a Fannie Mae program, but the differences between the standard Fannie Mae programs and the HomeReady™ program are quite vast when you consider the income requirements. The HomeReady™ program was created in order to help borrowers that would qualify for a loan based on their  Read more

Maximum Seller Contributions on HomeReady™ Loans

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HomeReady™ loans make it possible for a large variety of people to obtain Fannie Mae financing that would otherwise be ineligible for the program. The program focuses on borrowers that have excellent credit, but have other issues that would otherwise prevent them from obtaining the loan. Typically,  Read more

Including Non-Borrower Household Members for HomeReady™ Loan Qualification

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HomeReady™ loans are among the only loans that allow you to use non-borrower income in order to get approved for a loan. This income does not get included as your qualifying income, but rather as a compensating factor. Think of it as reserves that would help you get approved for a conventional loan  Read more

HomeReady™ Mortgage Reserve Requirements

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The HomeReady™ loan provides borrowers with the ability to obtain a home loan if they have great credit, yet not enough income to qualify their debt ratio. People in this situation are usually left without a home loan, at least a conventional loan, because their debt ratio exceeds the 43% maximum  Read more

Fannie Mae HomeReady™ Income Limits

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The HomeReady™ loan gives borrowers a chance to become a homeowner that would otherwise be unable to get approved for a conventional loan. This Fannie Mae program provides loans for borrowers that live in low income and high minority census tracts.The key difference with this program is that it  Read more

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Owner Financing: How Does It Work?

Sometimes you have more option than strictly obtaining financing from a lender. Owner financing offers you the opportunity to obtain financing

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IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.