HomeReady by Fannie Mae
Ideal HomeReady Borrowers
- Have low to moderate income
- Are first-time or repeat homebuyers
- Have limited cash for down payment
- Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
- Have supplemental boarder or rental income
- Are looking to purchase or refinance
Cancellable Mortgage Insurance*
Unlike government-insured loans, with HomeReady, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road
With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds ® – with no minimum personal funds required.
More info and source: https://www.fanniemae.com/singlefamily/homeready
Home Possible® Mortgage by Freddie mac
Maximum Financing and Flexibility – Three Percent Down Payment Solution with Expanded Options
The Freddie Mac Home Possible® mortgage offers more options and credit flexibilities than ever before to help your very low- to moderate-income borrowers attain the dream of owning a home.
In addition to its down payment requirement of as little as 3 percent, Home Possible now offers more options to responsibly increase homeownership for more of your borrowers. Do-it-yourselfers can apply sweat equity to assist in meeting their down payment and closing costs, co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers can own one additional financed property, and more – all with competitive pricing and the ease of a conventional mortgage.
We’re helping you provide affordable solutions to more creditworthy borrowers so you can enhance your business and your communities at the same time.
Watch the video to the right, and learn more below, to Discover the Possibilities with Home Possible.