Fannie Mae's HomeReady mortgage is designed for the diverse needs of New Jersey borrowers offering flexibility not found with other NJ conventional mortgage products. What does that mean for New Jersey residents?
HomeReady mortgage addresses common financial challenges and offers expanded eligibility guidelines, such as:
- A 3% down payment option. First-time and repeat homebuyers can purchase a home in New Jersey with a down payment as low as 3% of the purchase price.
- Support for extended families in New Jersey. 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 households, the income of children, grandparents, or other extended family members may help buyers qualify for a HomeReady mortgage.
- 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.
- 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.
HomeReady Loan Rates
For New Jersey homebuyers, the HomeReady mortgage also has rates comparable to conventional mortgages and has cancellable mortgage insurance, unlike other low down payment mortgage options.
A HomeReady mortgage requires NJ 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 New Jersey.