Fannie Mae's HomeReady mortgage is designed for the diverse needs of Alaska borrowers with flexibility not found with other AK conventional mortgage products. What does that really mean for Alaska residents?

HomeReady mortgage addresses common Alaska financial challenges and offers expanded eligibility guidelines, such as:

  1. Offers a 3% down payment option. First-time and repeat Alaska homebuyers can purchase a home with a down payment as low as 3% of the purchase price.
  2. Supports extended families in Alaska. Income from a household member who is not a borrower (i.e., they won’t be on the mortgage) will be considered. This means—in multi-generational Alaska households, the income of children, grandparents, or other extended family members may help buyers qualify for a HomeReady mortgage.
  3. Allows co-borrower flexibility. All borrowers do not have to reside in the property. For example, parents, who won't be living in the home, can be co-borrowers on the loan to help their children qualify for a mortgage and purchase a home.
  4. Accepts additional income sources. Rental payments may be considered as another allowable income source to help qualify a buyer (i.e., rental payments from a basement apartment). Income limits may apply.

Alaska HomeReady Loan Rates

For Alaska homebuyers, the HomeReady mortgage also has rates comparable to conventional mortgages and has cancellable mortgage insurance, unlike other low down payment options.

A HomeReady mortgage requires AK borrowers to complete an online home-ownership education course to help prepare for the responsibilities of buying and owning a home.

Contact Home Point Financial today to learn more about the HomeReady program in Alaska.