Have you been told by someone that for conventional loans, you’ll need to be prepared for a 20% down payment, have perfect credit, and will be charged innumerable fees?
…Did you tell them they were wrong?
Did you know these two facts about conventional loans?
- Conventional loans are available through both Fannie Mae and Freddie Mac with only 3% down
- NO Private Mortgage Insurance is added to your monthly fee with traditional conventional loans
Many home loan borrowers are automatically sold on using FHA or Rural Development financing, when truth be told, that mortgage may be much more expensive for them than one of the types of alternative conventional loans!
What are Fannie Mae HomeReady benefits for you?
- HomeReady serves moderate income borrowers, with expanded eligibility for financing homes.
- HomeReady features pricing that is better than or equal to standard loan pricing.
- Lower Mortgage Insurance Rates for loans with LTVs greater than 90 percent and up to 97 percent. That’s 3% down for Conventional Loans!!
- Gifts and grants can be used for down payment and closing costs
- Cash-on-hand can also be used for down payment and closing costs
The HomeStyle® Renovation mortgage permits borrowers to include financing for home improvements while purchasing a new home or refinancing a current home. HomeStyle® Renovation provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed appraised value of the property with a first mortgage, rather than a second mortgage, home equity line of credit, or other more costly financing method.
This loan could help you:
- Purchase a home that would not normally meet financing standards
- Add luxury updates to a home you are purchasing
- Make luxury updates or just necessary repairs to your current home
- Turn any house into your Dream Home!