Are you planning on buying a home in Auburn or buying a house in Opelika and are wondering what type of mortgage is best for you? One option for some buyers is the Fannie Mae HomeReady program. What is Fannie Mae HomeReady?
Fannie Mae HomeReady is a low down payment mortgage for creditworthy, low to moderate-income borrowers. Down payments can be as low as 3%. Both first-time or repeat home buyers are eligible. In late 2015, this program replaced Fannie Mae’s MyCommunityMortgage program.
Thus, Fannie Mae developed new guidelines around a central theme of income flexibility for creditworthy borrowers. HomeReady acknowledges that there can be broader family involvement in home ownership. There are a lot of households in America include extended and multi-generational families. That means there are more potential contributors to a household’s loan-qualifying income.
For all of your real estate needs in the Auburn-Opelika area please contact me at (334) 332-7263 or email me at LauraSellers01@Gmail.com or visit my website. I look forward to helping you buy the home of your dreams or sell your existing home. Search for Auburn homes for sale or Search for Opelika homes for sale here.