- 2018 Posts

  1. FHFA Conforming Loan Limits 2019
  2. How 2018 Market Trends Will Affect Wisconsin Buyers
  3. No Money Down Home Loans Appleton Oshkosh Green Bay Wisconsin
  4. Benefits of using FHA for your home loan
  5. Benefits of being a homeowner
  6. Wisconsin local lender vs online lender
  7. Home Loan Pre-Approval
  8. No Money Down Home Loan
  9. Serve and Support Loans
  10. Debt Consolidation and Cash Out

+ 2017 Posts

+ 2016 Posts

+ 2015 Posts

Low Credit Home Buying

May 09, 2017

Fannie Mae has a home mortgage program geared to help people with lower income and lower credit scores purchase homes. It's called the HomeReady program and it is helping to turn potential home buyer’s dreams of owning a home a reality. It's much easier to qualify with this program, and here at GSF are proud to say we have helped many people purchase homes that thought it was not possible for them because of income or credit.

 

This program makes it possible for low to moderate income borrowers to buy a home with as little as 3% down. Even better news is that the money does not have to come from your own savings, it can be a gift or even a tax refund. HomeReady offers affordable interest rates, keeping your monthly mortgage payment in check.

 

HomeReady also allows for you to include income from a roommate or family member to help you afford your monthly mortgage payments. It also allows for a co-signer, for those people that need a little extra help in qualifying, without requiring the co-signer to live in the home.

 

Another feature HomeReady offers the home buyer, is potentially allowing rent paid to you by your roommates/family residing with you count toward your income. This helps many home buyers finally include the money they receive from rent when calculating qualifying income. Additionally, mortgage insurance that can be canceled at a later time, allowing you to keep your original mortgage once the mortgage insurance is no longer needed.

 

Contact us today at GSF Mortgage, to talk about a HomeReady mortgage. Many are finding their mortgage payment is less than what they are paying for rent! Start building your financial future today!

 

 

Ron Meyer
GSF Mortgage Corporation
300 Patriot Dr.
Little Chute, WI 54140
(920) 788-9608
rmeyer@gogsf.com
NMLS #222688 & 1018