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You are here: Home / HomeReady

What is the HomeReady™ Loan?

The HomeReady mortgage is designed with today’s homebuyers in mind. It was created by Fannie Mae for buyers facing financial challenges and offers lower mortgage rates than other conventional loans.

Call The Sean Z Team Today!

Home of the TBD $5K Guarantee Approval

(314) 361-9979
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If you face some of these challenges, our mortgage experts can explain this new loan program to help you determine if it’s the right fit for your financial needs. Some of these challenges may include:

  • Large student loans
  • Can’t afford a significant down payment
  • Receive income from a nontraditional source

HomeReady mortgages can be used for:

  • Single family homes
  • Co-ops
  • Condominiums
  • 1-4 unit homes
  • Home loan refinance (no cash outs allowed)
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HomeReady Guidelines

Income can now be considered from other family members living in the home who are not borrowers. Therefore, multi-generational households can help the buyer qualify for the loan.

Not all of the borrowers need to reside in the home that is being purchased. For instance, parents can co-borrow on their children’s mortgage. In addition, first-time and repeat buyers can get a down payment for as low as 3%.

Other income sources like rental payments may be considered. And finally, under the HomeReady program, expanded debt to income ratios may be considered.

Call The Sean Z Team Today!

Home of the TBD $5K Guarantee Approval

(314) 361-9979

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Sean Zalmanoff: Better Rate Mortgage

1118 Hampton Ave
St. Louis, MO 63139
(314) 361-9979

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1118 Hampton, St. Louis, MO 63139
Sean Zalmanoff NMLS: 239823 MO:70-MLO
Company NMLS 2401335

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