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Low Income Loans

Home Ready:

A Home Ready loan is Fannie Mae product designed to help more borrowers become homeowners. These loans are intended for low income borrowers looking to purchase or refinance.

A Home Ready Loan allows borrowers to have low income, utilize rental income, obtain gifts to be used towards the down payment/closing costs of the loan, and have the option to cancel their mortgage insurance once their home equity reaches 20%.

For a Home Ready Loan you can:

  • Have low income.
  • Be a first-time or repeat homebuyer
  • Have limited cash for down payment.
  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing.
  • Utilize rental income from a legal accessory unit

Home Possible:

A Home Ready loan is Freddie Mac product designed to help more borrowers become homeowners. These loans are intended for low income borrowers looking to purchase or refinance.

A Home Ready Loan allows borrowers to have low income, utilize rental income, obtain gifts to be used towards the down payment/closing costs of the loan, and have the option to cancel their mortgage insurance once their home equity reaches 20%.

For a Home Ready Loan you can:

  • Have low income.
  • Be a first-time or repeat homebuyer
  • Have limited cash for down payment.
  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing.
  • Utilize rental income from a legal accessory unit
  • Have an appraisal completed with no utilities on and appliances not in place.  
Weatherstone Mortgage Corp.
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