More information of Fannie Mae HomeReady Mortgage
There are two requirements to qualify for a Fannie Mae HomeReady mortgage. First, you must belong to a low/average income section; and second, you must be a resident of one of the states where KeyBank operates (AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA).
This is a mortgage loan available to purchase a 1- to 4-unit primary or secondary home. It can be a single-family home or a property in a housing development or condominium. Among the refinancing options, this banking product does not allow for a cash-out.
On the other hand, you are required to take out private mortgage insurance (PMI), but cheap premiums are available.
In addition, you can use a grant, community seconds or gifts to pay closing costs and down payment. And you can use 3%, 6% or 9% of the seller's contribution for federal prepayments and closing costs.
If you qualify for a Fannie Mae HomeReady mortgage, you'll have many payment options to get that home you've always wanted. However, it is always advisable to evaluate your options when you want to get the ideal mortgage loan.
Español: Hipoteca Fannie Mae HomeReady de KeyBank