HomeReady is a Home Run!

On this Money Monday, Dennis Callan -President of Colonial Mortgage Advisors and one of our trusted lending partners is giving us a peak into their new program for First-Time Buyers. We know this market is tough and we want to use all the tricks in our bag in order to get you to your homeownership goals including utilizing a local lender. Hear directly from Dennis on the details of this new program: _______________________________________________________________________________________

Introducing the HomeReady Mortgage Program – your ultimate ticket to homeownership bliss.  Whether you're a first-time homebuyer or looking for a better mortgage option, this program is designed with you in mind.

So, what's the HomeReady Mortgage Program all about?

In a nutshell, the HomeReady Mortgage Program is like your trusty sidekick on your journey to becoming a proud homeowner. It's a mortgage tool offered by Fannie Mae that's specifically tailored to make homeownership more accessible, especially for first-timers like you. ????

Income Limits? No Problem! ????

Worried about income limits? Don't sweat it! One of the most remarkable features of the HomeReady program is its flexible income requirements. Typically, mortgage programs might make you do a financial juggling act, but not this one! The HomeReady program sets the income limit in a way that aims to accommodate a wider range of folks. It's like they're saying, "Come one, come all!" To be eligible as a HomeReady mortgage, the total annual qualifying income may not exceed 80% of the AMI for the property’s location. For the majority of the areas we serve, this would be around $91,420.  There are also breaks for borrowers earning up to $114,000/year. And even better news is that you don’t have to count all your income.  For example, if one borrower makes less than $91,420/year and qualifies, we don’t need to use the other’s income.  Or, if you make $91K in your annual salary but get bonuses on top, we can just use the salary.  

Why HomeReady is a Home Run for First-Time Buyers

Now, you might be wondering, "What's the catch?" Well, there isn't one – just a bunch of benefits that will make you grin from ear to ear. ????

1.       Low Down Payments: We get it; squirreling away a massive down payment can be tough. With HomeReady, you can make a move with as little as 3% down. More savings in your pocket? Yes, please!

2.       Competitive Mortgage Rates: HomeReady isn't just about easy access; it's about affordability too. Enjoy competitive mortgage rates that won't break the bank, helping you keep those monthly payments manageable.

3.       Flexible Source of Funds: Got a helping hand from your parents, grandparents, or even your favorite uncle? HomeReady lets you use financial gifts and grants as part of your down payment, making it even more achievable.

4.       Homeownership Education: Knowledge is power, and HomeReady empowers you with homeownership education. You'll be better equipped to navigate the ins and outs of owning a home – from managing finances to maintaining your castle.

5.       Cancellation of Mortgage Insurance: Paying mortgage insurance can be a real bummer, but guess what? Once you build up enough equity in your home, you can kiss that mortgage insurance goodbye. More money saved in the long run!

So, whether you're envisioning a cozy condo, a charming townhouse, or a sprawling family home, the HomeReady Mortgage Program could be the key to unlock those doors. It's like having a friend in the mortgage business who's got your back every step of the way.

Ready to take the plunge or need more info? Reach out to us – we're here to answer all your questions and guide you through the exciting journey of homeownership. Your dream home is closer than you think!

Here's to new beginnings and a front-door key that's all yours.

Dennis Callan

NMLS #113291

P:  484-546-8840

dennis@colonialmortgageadv.com

www.colonialmortgageadvisors.com