home ready97% mortgagePartnering with one of the nation’s largest conventional mortgage lenders, Riverbank Finance is now offering Fannie Mae’s new 3% down home loan program called the HomeReady Mortgage, which allows borrowers to obtain a mortgage with substantially lower payments that standard conventional home loans. For a home purchase or even a mortgage refinance, this new home loan option removes Fannie Mae price adjustments which keeps mortgage rates low.

Related: Michigan HomeReady Mortgage Financing

This program is targeted at low to medium income families to make homes more affordable and sustainable. Income limits are imposed based on AMI (Area Median Income) however there are no income limits in many census tracts such as underserved urban areas.

To be eligible for this program a home buyer must apply for a mortgage with less than 20% down payment and 680+ credit score. Qualified borrowers will be able to get some of the lowest overall mortgage payments compared to standard conventional loans and FHA loans (another popular low down payment mortgage).

What makes this program unique is that it will consider income from others that are planning on living in the home such as parents, siblings, working children or even roommates without them being a co-borrower on the mortgage. This feature will be especially helpful for families that choose to live with multiple generations for health reasons or for financial savings.

HomeReady Mortgage Program Highlights:

  • No Fannie Mae pricing adjustments on loans greater than 80% LTV (loan to value) with credit scores 680+
  • Not limited to first time home buyers
  • Available for non-Fannie Mae Refinancing loans up to 95% LTV
  • Non-Occupant Co-borrowers are permitted up to 95% LTV (parent co-signers)
  • No income limits in many census tracts
  • Gift funds are acceptable for the entire down payment

To request a free quote for a HomeReady purchase mortgage or HomeReady refinance mortgage call Riverbank today at 800-555-2098 or request information below.

Request Information Now!