With the introduction of a variety of new mortgage loan programs in recent years, the path to homeownership may be more attainable than you think.
Designed to make home loan financing more accessible, the HomeReady program provides eligible homebuyers with a variety of benefits.
Low down payment options; up to 97% of your mortgage can be financed
No minimum borrower contributions; this allows you to use grants, monetary gifts, and more for your down payment, and closing funds
No first-time homebuyer requirement; even if you've owned a home in the past, you may still qualify
No income limits for properties in low income census tracts, 100% of average median income (AMI) in high minority census tracts, and 80% of AMI in all other properties
Rental income can be considered for qualifying for the loan
A few requirements for this program include:
Loan type: Fixed, term to 30 years
Occupancy: Property must be a primary residence that all borrowers occupy; non-occupant borrowers are allowed at 95% loan-to-value (LTV) or lower.
Homebuyer Education: Required for at least one borrower
Contact Waterstone Mortgage today and a qualified mortgage loan professional will walk you through the HomeReady Loan Program application process and answer any questions that may arise.