208-376-5670
frstmrtg@mindspring.com
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208-376-5670

HomeReady Mortgage

 

 

A great loan for first time homebuyers and low-income borrower direct to Fannie Mae. Low mortgage insurance and low rate adjustments help keep monthly payments lower than other options. The main features are:

 

 

  • Low down payment at only 3% of the loan value.
  • Lower mortgage insurance than typically 3% down loan.
  • Mortgage insurance can be cancelled, unlike some other options.
  • No geographic restrictions on loan amounts.
  • Minimum credit score 620.
  • Boarder or rental income is allowed in some situations.
  • Flexible options for closing funds.

*Income limits may apply

 

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