Great way to purchase a home with as little as 3% down payment. There are two options Fannie Mae HomeReady and Freddie Mac's HomePossible programs.
- Low downpayments and flexible sources of funds
- Flexible credit terms, including expanded ratios
- Options for less-than-perfect credit and/or non-traditional credit
- Reduced MI coverage requirements for LTVs above 90% (up to 97%)
Cancellable Mortgage Insurance Unlike government-insured loans, with HomeReady and HomePossible, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 22%. This can result in lower monthly payments down the road.
There are income restrictions and credit score requirement. Call for more information 801-403-8887