Fannie Mae's HomeReady mortgage is designed for the diverse needs of New York borrowers providing flexibility not found with other conventional mortgage products. What does that mean for New York 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 York with a down payment as low as 3% of the purchase price.
- Support for extended families in New York. 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 New York 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 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.
New York HomeReady Loan Rates
For New York 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 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 York.