Home Ready Mortgage

Are you ready to take the leap into homeownership? At Capital City Mortgage, we believe that everyone deserves a place to call home, and we are here to guide you every step of the way with our HomeReady® Mortgage program. Designed to make home financing more accessible and affordable, HomeReady® is tailored for today’s diverse homebuyers. Let’s explore how this program can open the door to your dream home!

What is HomeReady®?

HomeReady® is a mortgage program offered by Fannie Mae that allows qualified buyers to purchase a home with lower down payment options and flexible mortgage terms. It’s designed for low- to moderate-income borrowers, making it a fantastic choice for first-time homebuyers, those looking to move up, or anyone interested in refinancing to better terms.

Key Benefits of HomeReady®

1. Low Down Payment Options: HomeReady® allows for a down payment as low as 3%. This means you don’t need to save for years to achieve your homeownership dreams. With innovative financing solutions, you can achieve the keys to your new home sooner than you think!

2. Flexible Income Sources: The program recognizes various income sources, including rental income, bonuses, and even income from non-borrower household members. This flexibility can make a big difference when qualifying for your mortgage.

3. Reduced Mortgage Insurance Costs: HomeReady® features lower mortgage insurance premiums, translating to lower monthly payments. This can help you save money each month, making homeownership more affordable.

4. Homeownership Education: We believe knowledge is power. That’s why HomeReady® encourages borrowers to complete a homeownership education course. This not only prepares you for your new responsibilities but may also reduce your mortgage insurance premiums.

5. Access to Down Payment Assistance: Many buyers struggle with the upfront costs of purchasing a home. With HomeReady®, you can utilize down payment assistance programs, community grants, or gifts from family members to help cover your down payment.

Who Is Eligible for HomeReady®?

Eligibility for the HomeReady® mortgage program is designed to be inclusive, making it easier for more people to qualify. Here are some key eligibility criteria:

– Income Limits: Your household income must be at or below 80% of the area median income (AMI). This means that you may qualify for assistance even if you’re not the highest earner in your area.

– Credit Score: A minimum credit score of 620 is typically required. This is reasonable compared to many other mortgage programs, making it accessible for those who may have encountered financial challenges in the past.

– Occupancy Requirements: HomeReady® is primarily available for primary residences. Whether you’re purchasing a single-family home, a townhouse, or a condo, this program can help you settle into a space that feels like home.

Steps to Get Started

1. Assess Your Finances: Before diving into the home-buying process, take a moment to evaluate your financial situation. Determine your budget, monthly expenses, and how much you can comfortably allocate toward a mortgage payment.

2. Get Pre-Approved: Reach out to [Your Mortgage Company Name] for a mortgage pre-approval. This step will give you a clear understanding of your budget and help you stand out to sellers when making offers.

3. Explore Homes: With your pre-approval in hand, it’s time to start your home search! Work with a trusted real estate agent to find a property that meets your needs and is within your budget.

4. Complete a Homeownership Education Course: As part of the HomeReady® requirements, completing a homeownership education course will help equip you with valuable knowledge about the responsibilities of owning a home.

5. Finalize Your Mortgage: Once you find your dream home, we’ll help you finalize your HomeReady® mortgage. Our friendly team will guide you through the closing process, ensuring a smooth transition to homeownership.

Why Choose Capital City Mortgage?

At Capital City Mortgage, we pride ourselves on providing personalized service to every client. Our experienced mortgage professionals are dedicated to helping you navigate the home-buying process with ease. We understand that each borrower is unique, and we tailor our approach to meet your specific needs.

With our extensive knowledge of the HomeReady® mortgage program and the housing market, we are equipped to help you make informed decisions. Our friendly team is here to answer your questions, address your concerns, and ensure that your experience is as stress-free as possible.

Ready to Take the Next Step?

If you’re ready to turn your homeownership dreams into reality, don’t hesitate to reach out! Contact us today!