Home Ready Loans
MortgageDepot has offered affordable Fannie Mae loan programs for many years, including the popular My Community mortgages-loans. Now, the My Community loans have been replaced with the Home Ready program, which is an equally competitive loan program. While there are some similarities between the My Community and Home Ready programs, there are also a few key differences that you should learn about before you apply. Because of these differences, it is important for you to speak with one of our licensed representatives to learn more about what this program has to offer. We want to help you get the financing you need to make your real estate plans come to life.
Through the new Home Ready loan program from Fannie Mae, you can expect to receive great loan terms coupled with easy loan requirements. Some of the specific details of these mortgages-loans are:
- 620+ FICO required, no FNMA adjustments
- 680+ FICO if LTV is over 80%
- Low Down Payment – up to 97% financing for purchases
- Income Limits apply except in low-income census tracts
- Suitable for all borrowers, including FTHB ( First Time Home Buyers)
- Available for higher loan amounts
- Easy AMI income limits based on current census tracts
- Non-occupant co-borrowers permitted
- Non-borrower income allowed to extend DTI ( debt to income) ratio’s
- Refinances up to 95 percent loan-to-value, existing non-FNMA loans accepted
These new loan requirements make this a highly competitive financing option for both purchase and refinance loans, and our knowledgeable and courteous financing team is available to answer your questions about the Home Ready loan program and to help you get pre-qualified for the financing you need.
We are dedicated to helping you achieve your real estate goals through the setup of the right financing program. We understand that each loan request is unique, and we offer a full range of lending options that are suitable for most needs and situations. With this in mind, now is a great time to contact us to discuss your financing needs with us and to learn more about the Home Ready loan program and other loan programs that may be suitable for you. Through our personalized service and competitive financing options, we make it easy for you to get an affordable loan for your buying or refinancing plans.