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What is Fannie Mae HomeReady® Mortgage in California

The Fannie Mae HomeReady® Mortgage in California is designed to meet the needs of Today’s home buyers. It’s a low down payment mortgage made to help low to moderate income borrowers. So if you are looking to purchase a home but do not meet the conventional loan requirements for income and/or credit, the Fannie Mae HomeReady® Mortgage is here to make your dream of buying a home true.

California Fannie Mae HomeReady® Mortgage Features

There are many great features to this program that make it appealing and accessible to many families. A home loan borrower in California can get up to 97% of the loan to value of the home purchase price. If a borrower has found a home in a low income area and they may also be considered to be low income they can take out a loan for 97 percent of the cost of the home.  This will make the down payment on the home more affordable and they may only have to put a small amount of money as a down payment. 

Also in the other hand if a borrower is looking to refinance their home and the mortgage was issued by Fannie Mae or has been guaranteed by Fannie Mae they may be able to borrow up to 95 percent of the loan to value of the home. 

This program is also unique in several ways. A first time home buyer can benefit from this loan but it is not limited to first time home buyers. If a borrower has purchased a home in the past and they are looking to move they may also qualify for the HomeReady program. They are not excluded from this mortgage loan just because they have owned a home before. 

There is also a cancellable mortgage insurance that is part of this program. Once a borrower has paid the amount that is equal to 20 percent of the value of the home they may cancel this insurance if they cannot afford to pay it.

One of the great benefits of this program also is that a borrower does not need to have the total amount of their down payment money in their bank and prove that they had this money for a certain period of time. Gift and grants can be used for the down payment and can be used to pay the costs at closing as well. A borrower can even use Community Seconds program for down payment or closing cost. This make home ownership possible for many people that may not meet the requirements or have the money to put down on traditional mortgage.  

The Fannie Mae HomeReady® Mortgage has approved lender that work with the HomeStyle Energy, they will approved manufactured homes, and they will also work with the HomeStyle Renovations if the home needs to be completely renovated. The underwriters on this mortgage are more flexible than those that work with traditional mortgages. There are some things that they will approved to help a borrower with fair credit. They will accept rental units and boarder income as part of this approval. They will also allow a non occupant borrower such as a parent to sign or cosign on the mortgage.

HomeReady® Mortgage in California Benefits for Home Borrower

There are a number of reasons borrowers are looking into this mortgage. Fannie Mae makes it easy for borrower to get into their dream home and more affordable for the average borrower to become a homeowner. The down payment for this mortgage program is very low. A borrower will only need to put down 3 percent of the total cost of the home. Traditional mortgages require the buyer to put down as much as 20 percent of the cost of the home. For many people this makes it impossible to save up to purchase a home. When a borrower is applying to this Fannie Mae program they can use several sources to come up with their down payment. They can use the cash they have. They can also use other funds and such as gifts from family or other grants given to them. The Mortgage insurance is affordable and there is an option to reduce or to cancel it if borrower has trouble paying.                   

This Mortgage Ready program in California not only helps a borrower get into a home but provides them education and information on home ownership. Home borrowers will need to complete an online Framework course. This course is designed to educate the buyer about the responsibilities of owning the home and how to develop a budget to make sure they can afford their monthly payments. This course will also provide counseling options to help a borrower take control of their finances and provide them with resources if they need assistance.
         

Who in California can benefit from HomeReady® Mortgage

A wide range of home borrowers can benefit from this mortgage program, but the following points shows you the ideal HomeReady borrowers:

• Have low to moderate income
• First-time or repeat homebuyers are accepted
• Have limited cash for down payment
• Have a credit score = 620; borrowers with credit scores = 680 may get even better pricing
• Have supplemental boarder or rental income
• Are looking to purchase or refinance

          

How Fannie Mae HomeReady® Mortgage Works

When a borrower is looking to purchase their home they should meet with a mortgage professional to discuss the HomeReady program. They will then have to provide proof of their income and the agent will make sure the home is in an area that is approved by this program. The borrower will then need to take some requirements that are developed by this program. They will need to complete the Homeowner Education Course. This course is designed to give them information about owning a home and keeping up with the home. it will also provide helpful information about the process to owning their home.
        
If the borrower is going to get assistance for their down payment they will need to complete the Community Seconds Course. An agent will look at the down payment assistance program to make sure it is approved by the Federal Housing Agency. If a borrower is getting assistance from a family member they will still need to complete this online course.  If a borrower does not have access to the internet they may be able to take this class over the phone.  A borrower will need to work with their agent for these options. These options are able available to a borrower if they have a disability. Once a borrower completes this course they can also take additional homeowner counseling program. The more education a borrower has the more it will help them with their home. A borrower can also get a $500 credit to use as part of their closing package.
      
You can click on the following link to learn more about Fannie Mae HomeReady® Mortgage Works in California . One of the biggest things that a borrower needs to find is a licensed mortgage loan officer that will be able to help them with the program. The mortgage loan officer will check the requirements for this program and determine if a borrower meets these requirements and is a good fit. They will also determine if the property they are looking at is in an eligible area. The loan officer will then make sure a borrower has access to all of the educational requirement that they need and that they are able to complete the requirements that Fannie Mae has developed for this program. Nathan Rufty is one of the best and most experienced loan officers in the state of California to help a borrower with their Fannie Mae HomeReady loan.
      
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Who does the Fannie Mae HomeReady® Mortgage loan program in California

When a borrower is looking to become part of the Fannie Mae HomeReady loan program it is important that they work with someone that has knowledge and experience with this program. Nathan Rufty is a trained and experience mortgage loan officer that specializes in Fannie Mae HomeReady® Mortgage in California and is looking to help borrowers get into a home of their own. He will guide through the process from A-Z and make it very easy to complete the easy requirements by this program.

Your HomeReady® Mortgage Loan Officer in California