- First-time Homebuyers
- Down Payment Assistance
- Conventional Loans
- FHA Loans
- USDA Loans
- VA Loans
- Community Champions
- HomeReady Program
- Home Possible
- Jumbo Loans
HomeReady Programs Made for You by Flat Branch Home Loans
HomeReady mortgages are provided through your local Flat Branch Home Loans by Fannie Mae to meet the needs of diverse buyers. The program is designed for creditworthy low- to moderate-income borrowers. This affordable mortgage program comes with a minimal down payment and has flexible credit and income guidelines. This program is available to first time home buyers as well as repeat buyers.
The HomeReady program can also be known as the program directed towards helping minorities, low income families and millennials. With challenges like paying off student loans, not being able to set aside a hefty down payment, or relying on non-traditional sources for income, it can be difficult to find the right loan for you. Fannie Mae and Flat Branch Home Loans want to make your home-buying process as easy and cost-effective as possible with a program that meets your diverse financial and familial needs.
HomeReady Program Benefits
Down Payment of as little as 3% is required to buy a home
Gifts, grants, community seconds and cash-on-hand are permitted for down payment and closing cost.
- Reduced mortgage insurance coverage requirement (which equates to a lower MI payment than that of a standard conventional loan)
- Cancellable Mortgage Insurance (Restrictions Apply)
- Households earning up to 100% of the Area Median Income (AMI) are eligible
- Up to 50% debt-to-income (DTI) ratio allowed depending on risk factors
- Purchase and limited cash-out refinance transactions are eligible
- 1-4 unit properties and condominiums are eligible
- Borrower is not required to be a first time homebuyer
- Supports HomeStyle Energy, Manufactured housing & HomeStyle Renovation
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The HomeReady Program allows many income sources to help you qualify for your home loan.
- Regular Income
- Rental Income
- Rental Payments from boarders or roommates can be accepted as income sources
- Co-Signer Income
- Income sources can come from a co-signer, such as a non-occupant co-borrower
Income Limit Eligibility
|Borrower Income Limit||Area|
|No Income Limit||Property in low income census tracts|
|100% of area median income||All other properties|
*For more information on income limits, please visit your local Flat Branch Home Loans lender.
Low Down Payment
Only a 3% down payment is required to buy a home. Of course, higher credit scores will yield the best rates on the loan. This low down payment includes first time home buyers and repeat buyers. With that being said, the 3% is very flexible. The payment can come from a down payment gift, like from a relative or parent, a down payment assistance program, like through a grant, community seconds or cash-on-hand, which can help you purchase your home sooner.
Reduced Mortgage Insurance coverage
HomeReady loans have affordable and cancellable monthly mortgage insurance (MI). Reduced MI coverage requirement is above 90% loan-to-value (LTV). For example, 25% for LTVs is applicable for greater than 90% to 97% ratios. Other information regarding guidelines for monthly insurance with HomeReady loans can be accessed through a loan officer. Please don’t hesitate to ask any questions or state any concerns.
Homeownership Education Requirement
Flat Branch Home Loans and the HomeReady program want to make sure you and your family are adequately equipped with the right knowledge when purchasing and moving into your new home. HomeReady mortgage requires a homeownership education requirement which can be taken as an online class, offered by Framework.
If you’re ready to start your home-buying process, whether it be for your first or third home, our team of loan officers at Flat Branch Home Loans are ready to begin. Our expertise in home loans and our strive to close on time, will place you in the affordable home you’ve always dreamed of.