Fremont Bank now offers this flexible, low down payment mortgage product designed to simplify requirements for creditworthy borrowers with expanded eligibility for sustainable homeownership. Find out if the HomeReady* program may work for you.
Flexible underwriting on both purchase and limited cash out refinance transactions:
Low down payment with up to 97% Loan-To-Value financing for owner-occupied home purchases
Flexible sources of income with no minimum contribution requirement from borrower’s own funds (1-unit properties)
Rental and boarder income may be considered for qualifying
Expanded Debt-to-Income ratio when using additional household income from non-borrowers
Non-borrower household income is not counted toward income eligibility limits
Reduced Mortgage Insurance coverage requirements for LTVs above 90% (up to 97%)
Not sure if HomeReady® is the right program for you? Give us a call at 866-403-6345. One of our local loan officers will explain the features of the HomeReady loan program so that you can make an informed decision.
*All loan requests are subject to credit approval as well as specific program requirements and guidelines and are subject to change. Borrower required to complete homeownership education course; certification required. Available on 1-4 unit property purchases and limited cash out refinances only. Fixed rate terms only. Refers to Program 140.
HomeReady is a registered trademark of Fannie Mae.
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