New 3% Down Payment Program with Reduced MI

Recently the HomeReady Mortgage rolled out and it’s a welcomed addition to available Conventional mortgage program options.
Some key factors of the HomeReady Mortgage:

• Down payments as low as 3%
• Reduced mortgage insurance
• 30 year fixed, 15 year fixed and 5/1 ARM are available terms
• Allows for non-occupant coborrower income (e.g. parents can help cosign)
• Not just for First Time Homebuyers

There are some important guidelines to keep in mind – the major one being income restrictions on this program.  Some areas of Mecklenburg County have income limits of ~$53,000-67,000/yr while others have no income limit.  This means some Charlotte buyers could utilize the advantages of this program up to a loan amount of $417,000.

Additionally occupant borrower(s) may not own any other residential property at the time of closing and homeownership counseling is required on all transactions.

Know someone who could benefit from a HomeReady Mortgage? Let’s talk!