The Arkell Barnes Mortgage Team
is a participating lender in
HomeReadyTM by Fannie Mae
HomeReadyTM by Fannie Mae is designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities nationwide.
Borrower Benefits: Accessible and Sustainable Financing
- Low down payment. Up to 97% financing for purchase of a primary residence (1-unit properties).
- 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).
- Extended-income household (EIH) may allow non-borrower income to be considered when qualifying the borrower for the mortgage.1
- Lower than standard MI coverage requirements for loans with loan-to-values (LTV) greater than 90%, up to 97%.
- 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.
HomeReadyTM is a trademark of Fannie Mae.
1. Non-borrower income must be at least 30 percent of the total monthly qualifying income being used by the borrower(s).