{"id":1879,"date":"2016-01-09T02:51:19","date_gmt":"2016-01-09T02:51:19","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=1879"},"modified":"2016-01-13T15:16:21","modified_gmt":"2016-01-13T15:16:21","slug":"fannie-mae-3-down-payment-home-loan-homeready-mortgage","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/fannie-mae-3-down-payment-home-loan-homeready-mortgage\/","title":{"rendered":"Fannie Mae HomeReady Mortgage Program"},"content":{"rendered":"<p><a href=\"https:\/\/riverbankfinance.com\/blog\/fannie-mae-3-down-payment-home-loan-homeready-mortgage\/home-ready-mortgage-by-fannie-mae\/\" rel=\"attachment wp-att-1880\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1880\" src=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2016\/01\/home-ready-mortgage-by-fannie-mae.png\" alt=\"home ready97% mortgage\" width=\"650\" height=\"124\" srcset=\"https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2016\/01\/home-ready-mortgage-by-fannie-mae.png 650w, https:\/\/riverbankfinance.com\/blog\/wp-content\/uploads\/2016\/01\/home-ready-mortgage-by-fannie-mae-300x57.png 300w\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" \/><\/a>Partnering with one of the nation\u2019s largest conventional mortgage lenders, Riverbank Finance is now offering Fannie Mae\u2019s 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.<\/p>\n<blockquote><p>Related: <a href=\"http:\/\/riverbankfinance.com\/mortgage-programs\/fannie-mae-homeready-mortgage.html\">Michigan HomeReady Mortgage Financing<\/a><\/p><\/blockquote>\n<p>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.<\/p>\n<p>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).<\/p>\n<p>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.<\/p>\n<h2>HomeReady Mortgage Program Highlights:<\/h2>\n<ul>\n<li>No Fannie Mae pricing adjustments on loans greater than 80% LTV (loan to value) with credit scores 680+<\/li>\n<li>Not limited to first time home buyers<\/li>\n<li>Available for non-Fannie Mae Refinancing loans up to 95% LTV<\/li>\n<li>Non-Occupant Co-borrowers are permitted up to 95% LTV (parent co-signers)<\/li>\n<li>No income limits in many census tracts<\/li>\n<li>Gift funds are acceptable for the entire down payment<\/li>\n<\/ul>\n<p>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.<\/p>\n\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f185-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"185\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/blog\/wp-json\/wp\/v2\/posts\/1879#wpcf7-f185-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<fieldset class=\"hidden-fields-container\"><input type=\"hidden\" name=\"_wpcf7\" value=\"185\" \/><input type=\"hidden\" name=\"_wpcf7_version\" value=\"6.1.6\" \/><input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/><input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f185-o1\" \/><input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/><input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/><input type=\"hidden\" name=\"_wpcf7_recaptcha_response\" value=\"\" \/>\n<\/fieldset>\n<div class=\"application_form\">\n\t<div class=\"block_top\" id=\"apply_form\">\n\t<\/div>\n\t<div class=\"spacer_top\">\n\t<\/div>\n\t<div class=\"ApplyFullHeader\">\n\t\t<p class=\"replaceheader\">Request Home Loan Information Now!\n\t\t<\/p>\n\t<\/div>\n\t<div class=\"blueBox\">\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Name (required)\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-email wpcf7-validates-as-required wpcf7-text wpcf7-validates-as-email\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Your Email (required)\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-phone\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Phone:\" value=\"\" type=\"text\" name=\"your-phone\" \/><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-goal\"><select class=\"wpcf7-form-control wpcf7-select\" aria-invalid=\"false\" name=\"your-goal\"><option value=\"Purchase\">Purchase<\/option><option value=\"Refinance\">Refinance<\/option><option value=\"Cash Out\">Cash Out<\/option><option value=\"More Information\">More Information<\/option><\/select><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" maxlength=\"2000\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" placeholder=\"Your Message:\" name=\"your-message\"><\/textarea><\/span>\n\t\t<\/p>\n\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"referer-page\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text referer-page\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"referer-page\" \/><\/span><br \/>\n\t\t\n\t\t<\/p>\n\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner submit\" type=\"submit\" value=\"Submit Now!\" \/>\n\t\t<\/p>\n\t<\/div>\n\t<div style=\"text-align: justify; color:#666666;font-size: small;\">\n\t\t<p>By clicking \"Submit Now!\", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg\/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.\n\t\t<\/p>\n\t<\/div>\n<\/div><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"249\"\/><script>\ndocument.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );\n<\/script>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Partnering with one of the nation\u2019s largest conventional mortgage lenders, Riverbank Finance is now offering Fannie Mae\u2019s new 3% down home loan program called the HomeReady Mortgage, which&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[301,70,1],"tags":[724,723,722,121,727,726,725,588],"class_list":["post-1879","post","type-post","status-publish","format-standard","hentry","category-buying-a-home","category-first-time-home-buyer","category-local-michigan","tag-3-down-loan","tag-97-financing","tag-97-mortgage","tag-fannie-mae","tag-fannie-mae-home-ready","tag-home-ready-mortgage","tag-homeready-mortgage","tag-low-down-payment-mortgage"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - 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