HomeReady First Time Home Buyer - Mortgage Financing

[Jerry Padilla]

Home Ready Program allows you to purchase your first home and use potential rental income without a mortgage history or experience and is income based in many situations.

Home Ready Program - First Time Home Buyer Program.

Fannie Mae's Home Ready Program

620 Minimum Credit Score

Required https://homeready-eligibility.fanniemae.com/homere... *********

Income from all borrowers listed on Note must be considered for qualification

Homeownership Education through Framework® is required for at least one borrower on the mortgage loan https://www.frameworkhomeownership.org/

Landlord Education is required for purchasers of 2-4 unit properties through a HUD approved Counseling Organization

Rental Income - 75% of the lesser of the actual or projected rents for the rental unit (1-4 unit) should be added as qualifying income if individual(s) has lived with and paid rent to the borrower for the last 12 months

Reduced MI applies