Traditionally, renters and potential homebuyers were burdened with saving large down payments in order to get more favorable mortgage terms. For potential homebuyers with low-to-modest incomes; however, a 20% or larger down payment could make home ownership out of reach.
At First Bank Mortgage, we believe owning a home should be attainable for all qualified homebuyers who manage their money wisely. Offered by Fannie Mae, HomeReady is our affordable, low down payment mortgage product designed for credit-worthy borrowers of nearly all income levels.
With HomeReady, you'll enjoy:
- Borrower Benefits: Borrower is not required to be a first-time homebuyer.
- Low Down Payment: As low as 3% down payment for home purchase and refinance transactions.
- Flexible Sources of Funds: Can be used for the down payment and closing costs with no minimum contribution required from the borrower's own funds (1-unit).
- Affordable and Cancellable Monthly Mortgage Insurance (MI): Reduced mortgage insurance coverage for loan-to-value ratios above 90% (up to 97%).
- Homeownership Education: Fannie Mae HomeView® helps pave the way for borrowers toward successful homeownership. Additional education and housing counseling options are available.
What are the top three reasons for choosing First Bank Mortgage’s HomeReady Mortgage Program?
- Use as a first-time homebuyer, repeat homebuyer, or refinance.
- As low as a 3% down payment for purchase or refinance.
- Flexibility in sources of funds for down payment, such as parents.
Are you ready to get started on the path to homeownership? Find out more details about our HomeReady Mortgage Program by contacting a First Bank Mortgage Home Loan Advisor today.