Fannie Mae Changes to 3% Down Program Available Today

Fannie Mae has made changes to its HomeReady mortgage program effective 7/26/2016.  The HomeReady program offers low / moderate income borrowers 3% down payment options for purchasing a home.

Changes that go into effect immediately include:

  • Income limits have been raised to 100 percent of area median income (AMI) in all areas except for low income market tracts which have no limit.
  • The occupant borrower will now be allowed to own other residential properties.
  • Homeownership education courses that fulfill the HomeReady mortgage requirement have been expanded to include one-on-one pre-purchase advising from HUD-approved providers. Fannie Mae will offer lenders a $500 credit to encourage borrowers to take advantage of this option.
  • The requirement for homeownership education has been removed for limited cash-out refinances and borrowers for loans secured by two- to four-unit properties will no longer be required to take landlord education although homeownership education will remain a requirement.

Program Basics:

  • Use of rental and boarder income to qualify
  • Non Occupant borrowers, such as parents
  • Borrower is not required to be a first-time homebuyer
  • Cash on hand permitted as source of funds for down payment/closing costs

Contact me today for all the details or apply online at www.6145713554.com

 

Ask me if you can qualify for the additional $2,000 tax credit available in Ohio!!!

 

Brent Diebert

614-571-3554

Brent@6145713554.com

NMLS 461421

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