The Mortgage Outlet Sayville NY, Home Ready 97 Loan experts.

Home Ready 97 Loan Program

Fannie Mae Home Ready Program was created in December 2015 to aid households in lower-income neighborhoods and in minority-heavy areas get access to low down payment mortgages at today’s current rates.  Below are highlights of the program:

 

  • Does not need to be a First-Time Home Buyer
  • Non-occupying borrower can help qualify
  • Down payment as low as 3 Percent
  • Fees and Mortgage Insurance requirements are lower than standard 97% conventional loans
  • Income for non-borrowing household members can be used as a compensating factor to allow higher debt-to-income ratios
  • No minimum borrower contribution
  • Flexible sources of funds can be used for down payment and closing costs.
  • Mandatory borrower education required

 

Call us today to see if you qualify for this program 631-589-3600

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DAVID BAILEY NMLS #3458 & ERIKA BAILEY NMLS #217190 • THE MORTGAGE OUTLET 631-589-3600 The Mortgage Outlet, NMLS #36861 is a registered Mortgage Broker with the NYSDFS. All loans are arranged with 3rd party providers. Office located at 280 West Main Street, Sayville NY 11782.

The Mortgage Outlet Sayville NY, a wholesale mortgage broker.

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The Mortgage Outlet Sayville NY, Home Ready 97 Loan experts.
The Mortgage Outlet Sayville NY, Home Ready 97 Loan experts.