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FROM OUR BLOG

New Affordable Lending Product

February 11, 2016
buyers,  credit,  lending product

HomeReady from Colorado Mortgage – Available Now!

The time is NOW to meet the diverse needs of today’s buyers with HomeReady, Fannie Mae’s enhanced affordable lending product. Designed for creditworthy, low-to moderate-income borrowers, this program has expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. HomeReady provides expanded access to credit while supporting sustainable home-ownership.

Program Highlights:
  • Low down payment. Up to 97% financing for home purchase with a lot of borrower flexibility (1-unit property). Non-first time home buyers are OKAY!
  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit property).
  • Conventional home financing with cancellable monthly MI (per Servicing Guide policy); lower MI coverage requirement above 90% LTV supports competitive borrower payment.
  • Home-ownership education helps buyers get ready to buy a home and be prepared for the responsibilities of home-ownership.

CONTACT US to find out more!

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Milestone Home Mortgage

Milestone Home Mortgage LLC NMLS #2588937. Michael Shotnik NMLS: 218281, CO License: 100017466. Not licensed in Alaska or New York.  To check license status of mortgage loan originator, visit D.O.R.A. and NMLS consumer access.