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, Home Ready 97 Loan experts.