Fannie Mae's HomeReady mortgage is designed for the diverse needs of Rhode Island borrowers offering flexibility not found with other conventional mortgage products. What does thatmean for Rhode Island 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 with a down payment as low as 3% of the purchase price.
- Support for extended families in Rhode Island. 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.
Rhode Island HomeReady Loan Rates
For Rhode Island homebuyers, the HomeReady mortgage has rates comparable to conventional mortgages and has cancellable mortgage insurance, unlike other low downpayment 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 Rhode Island.