Buying a home in Michigan has never been so easy with Fannie Mae's new HomeReady Mortgage Program! With only a 3% down payment required, first time home buyers or repeat home buyers will be eligible for mortgage financing with some of the lowest mortgage rates and fees.
How do I apply for a HomeReady home loan in Michigan?
Riverbank Finance LLC is now offering the Fannie Mae HomeReady Mortgage to Michigan residents. To get started simply complete the online application or call 1-800-555-2098 to speak with a loan officer today.
Michigan Fannie Mae HomeReady Loan Benefits
The main benefit of this new mortgage option is that the Fannie Mae lender pricing adjustments are waived. This means that you will not be penalized with a higher rate for a lower down payment, lower credit scores or smaller loan amounts. With a standard Conventional home loan, the mortgage rate would increase based on those factors.
Fannie Mae HomeReady Loan Eligibilty
The Fannie Mae HomeReady Mortgage qualifications are similar to a standard Conventional Mortgage but with income limitations. This program is available to low to medium income families in all area. The income limitation is based on the area median income (AMI) for each census tract however many areas have no income limitations whatsoever.
Downtown Grand Rapids, for example, has no limitation on income for this mortgage program. This means that any family can apply for a HomeReady Mortgage and benefits from lower rates and fees in these areas.
This home loan option is ideal for home buyers putting less than a 20% down payment with 680+ credit scores. The borrower's debt to income ratio would still need to be under the 45% DTI limit for conventional home loans (although compensating factors may allow this ration to rise to 50% if additions income).