Home Possible/ Home Ready Loans

[John Webber]

Hey, I'm doing research on the Fannie/ Freddy loans for a possible move-in flip or hold. I'm struggling to find any information on what the mortgage rates look like. Maybe they are the same as the FHA mortgage rates? I'm aware of the income limits base on geographic area and curious if this would include a couples' dual income if they will both be on the loan.

[Stephanie Medellin]

@John Webber Home Ready and Home Possible rates are usually a little bit lower than regular conventional rates for the same down payment, but not as low as FHA, although when mortgage insurance is factored in the monthly payments end up being fairly close.

It really will depend on your particular scenario which loan will be the least expensive.