Understanding how Co-Signing a home for your family members works
HomeReady Mortgage by Fannie Mae
Buying a home today may seem to be impossible, The difficulty of a large down payment; Today, 70 percent of college students graduate with a significant amount of loans; Maybe need to rely on non-traditional sources to qualify because of these debts. These challenges can make homeownership seem unachievable.
Fannie Mae has a program that has been around but many people are still not to familiar with, it’s called the HomeReady Mortgage, an enhanced affordable loan designed to meet the diverse financial needs of responsible, creditworthy buyers.
- Offering a 3% down payment option. First-time and repeat homebuyers can purchase a home with a down payment as low as 3% of the purchase price.
- Allowing 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. Income limits may apply.
- Accepting additional income sources. Rental payments may be considered as another allowable income source to help qualify a buyer.
- For more information; Call 239-949-9600