All About the HomeReady® Mortgage Program


One of the biggest challenges homebuyers face is the ability to save enough money for a down payment. Rent prices continue to rise, which adds to the difficulty of trying to save. One of the biggest challenges homebuyers face is the ability to save enough money for a down payment. Rent prices continue to rise, which adds to the difficulty of trying to save. What many people struggling to save for a down payment don’t know is that programs like Fannie Mae’s HomeReady® Mortgage Program allows homebuyers the ability to use grants or gift funds to go toward the down payment of a home. Continue reading to learn all about the HomeReady® program’s key features and how Colonial can help.

About the HomeReady® Mortgage Program

As a Fannie Mae Lender, Colonial is excited to offer the HomeReady® Mortgage Program to our customers. This consumer-friendly program aims to help meet the diverse needs of today’s homebuyer by offering a lending program that is designed for creditworthy, low-to-moderate income borrowers that offers extended eligibility for financing homes in designated low-income, minority and disaster impacted communities.

Key Features

  • Low down payment – Up to 97% financing for home purchase with many borrower flexibilities
  • No minimum borrower contribution required on 1-unit purchases. Down payment and closing costs can be funded by gifts, grants, Community Seconds® and cash on hand
  • No income limit on properties in low-income census tracts
  • Income from non-occupant borrowers and non-borrower household members may be considered

Homeownership Education Requirements

  • Comprehensive homeownership education course (4-6 hours) provided by Framework ($75 fee)
  • Online test and certificate of completion
  • To further promote sustainability, borrowers will have access to post-purchase homeownership support for the life of the loan through Framework’s homeownership advisor service

If you or someone you know is looking to purchase a home and is having difficulty saving for a down payment, Fannie Mae’s HomeReady® program may be right for you. To learn more, visit the HomeReady® website, or work with one of our experienced Loan Officers to get you started on your home buying journey. For a look at all of Colonial’s home loan products, visit www.GoColonial.com today.

 

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