· As Low As 3% Down. Up to 97% financing for home purchase with many borrower flexibilities.
· Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution
required from the borrower’s own funds (1-unit properties).
· Conventional home financing with cancellable monthly MI (per Servicing Guide policy); reduced MI coverage
requirement above 90% LTV supports competitive borrower payment.
· Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of
homeownership. The required training offers an easy-to-use, online course provided by Framework.
HomeReady Opportunities for Home Buyers
HomeReady recognizes the growth of extended-family living arrangements by allowing the existence of
non-borrower income to be considered when qualifying the borrower for the mortgage.
Non-Borrower Household Income Requirements
· Non-borrower income must be at least 30 percent of the total monthly qualifying income being used by the
borrower(s). (Note: Income from more than one non-borrower household member may be considered.)
· Non-borrower income is not considered part of qualifying income.
· Non-borrower household members may be relatives or non-relatives.
· The non-borrower must 1) document his or her income, and 2) sign a statement of intent to reside with the
borrower(s) for a minimum of 12 months.