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HomeReady Mortgage - just 3% down payment conventional loan for First Time Home Buyers

Face it, down payment is usually the biggest hurdle for first time home buyers. We eliminate that hurdle with the HomeReady Mortgage Loan from Fannie Mae.

HomeReady Mortgage Loan Benefits

The biggest HomeReady program benefit is clearly the low 3% down payment requirement.

Next is the flexible source of your down payment. It can be:

  • Your own money
  • Taken from your 401(k)
  • Gift from a family member or employer
  • Partially from a down payment assistance program (you need at least $1,000 of your own money)

You can potentially use other types of household income to help income qualify for the loan from a non-applicant.

For example:

  • Maybe your elderly parents will be living in the home. We might be able to use their social security income to help you qualify.
  • Maybe your spouse has bad credit, but has a job. We might  be able to use their income too without them actually being on the loan application itself.
  • Thinking of renting out a room? Rental income from a single family home may be considered for qualifying

Using non-borrower household member family income greatly extends mortgage and homeownership access to multi-generational families!

Do I Qualify For a HomeReady Mortgage?

All mortgage loans have a long list of qualifying guidelines. Therefore we suggest you don't try figuring it out on your own.  Rather, simply complete a full mortgage application, and let one of our expert licensed Loan Officers assist you.

Click here to complete a full online HomeReady Mortgage Application(651) 552-3681 to complete an application over the phone, or to schedule an appointment in our St Paul, MN office.

By applying, you are not committing yourself to anything.

Rather, you are simply giving the mortgage company all the information we need to help determine what loan programs you qualify for, how much house we will let you buy, what monthly payments might look like, and how much money you may need to pull it all

If it all looks good, you'll be given a Mortgage Pre-Approval Letter, and put in contact with a local real Estate Agent to help you find your new home.

First Time Home Buyer Education Classes - Required??

The HomeReady Mortgage program DOES REQUIRE a First Time Home Buyer Education Class. If you are getting Down payment Assistance, you WILL need also need to take a homebuyer education class.

But not all other first time home buyer programs required homebuyer education classes. While we think these classes are beneficial to most new home buyers, before taking a class, contact us to determine if one is even needed.

If you need a class for your loan, we will direct you the required class to take.

TIP: Classes put on by Real Estate Agents do NOT count, and are really more of a sales gimmick to get you to use that agent.

Unacceptable Credit Items for First Time Home Buyers

Different mortgage loan programs have different credit criteria. You may qualify for one program, but not another. If you have any of the following items, you probably are not ready to buy a home today regardless of the program:

* Poor Credit (middle credit score BELOW 620)
* Delinquent Government Debt (back taxes, student loans)
* Large or multiple unpaid collection accounts
* More than 2 late mortgage or rent payments in the past 12 months
* Unpaid Tax Liens (must be paid off to buy)
* Foreclosure less than 3-years old
* Bankruptcy Chapter 7 less than 3-years old
* Bankruptcy Chapter 13 less than 1-year old

Mortgages Unlimited, Inc - St Paul Office
33 Wentworth Ave E, Suite 290
Saint Paul, MN 55118
Office (651) 552-3681

Fax (651) 994-6425

License Information
Mortgages Unlimited, Inc. Nationwide Mortgage Licensing System and Registry (NMLS) # 225504 Saint Paul Branch - NMLS # 387944. Joe Metzler, Licensed Mortgage Loan Originator NMLS #  274132. Minnesota Lic# MN-MLO-274132. Wisconsin Lic # 11418. South Dakota Lic # MLO.03095

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