FROM OUR BLOG
New Affordable Lending Product
February 11, 2016
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!
