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Who does the Home Ready loan program in Surprise AZ

June 12th, 2019 12:14 PM by Nathan Rufty

Home Ready loan program in Surprise AZ

Who does the Home Ready loan program in Surprise AZ
Fannie Mae's HomeReady mortgage is designed for the diverse needs of Surprise AZ borrowers with greater flexibility than other conventional mortgage products. What does that mean for Surprise AZ residents?

HomeReady mortgage addresses common financial challenges and offers expanded eligibility guidelines, such as:

  • Offers a 3% down payment option. First-time and repeat homebuyers can purchase a home in Surprise AZ with a down payment as low as 3% of the purchase price.
  • Supports extended families in Surprise AZ. Income from a household member who is not a borrower (i.e., they won’t be on the mortgage) will be considered. This means—in multi-generational Surprise AZ households, the income of children, grandparents, or other extended family members may help buyers qualify for a HomeReady mortgage.
  • Allows co-borrower flexibility. All borrowers do not have to reside in the property. For example, parents, who won't be living in the home can be co-borrowers on the loan to help their children qualify for a mortgage and purchase a home.
  • Accepts additional income sources. Rental payments may be considered as another allowable income source to help qualify a buyer (i.e., rental payments from a basement apartment). Income limits may apply.
  • Surprise AZ HomeReady Loan Rates
  • For Surprise AZ homebuyers, the HomeReady mortgage also has rates comparable to conventional mortgages and has cancellable mortgage insurance, unlike other low down payment mortgage options.

A HomeReady mortgage requires borrowers to complete an online home ownership education course to help prepare for the responsibilities of buying and owning a home.

Contact Nathan Rufty today to learn more about HomeReady and other mortgage loan products in Surprise AZ.



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