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Home Ready Financing
Home Ready Program allows you to purchase your primary home and use potential rental income without a mortgage history or experience and is income restricted in many situations.
Home Ready Program - Is No Longer Just A First Time Home Buyer Program. Income Limit Restrictions apply unless the property is in an area considered under served.
Here is the link to look up income limitations, as well as area's that have no income restrictions; https://homeready-eligibility.fanniemae.com/homere...
Fannie Mae's Home Ready Program
No limitations on ownership of other property.
Required https://www.fhfa.gov/DataTools/Downloads/Pages/Con...
Some criteria that must be met!
- Income may not exceed 80% of the annual HUD Area Median Income (AMI), for the property's location,except:
1) An income limit of 100% of AMI for properties located in:
- High minority census tracts, and
- Designated disaster areas
- 2) There is not an income limit for properties located in a low-income census tract
- 3) Home Ready Income Eligibility tool to determine AMI by property address:
- https://homeready-eligibility.fanniemae.com/homere... *********
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Lender NY (#NMLS 1084877) and Prime Lending Licensed in All 50 States (#NMLS 13649 )
- 585-204-6923
- http://www.jerryrpadilla.com
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