HomeReady and Home Possible Loan Programs in Sunrise, FL
Sunrise, located in Broward County, Florida, is home to 95,458 people according to the latest census estimates. The median income for households in the city is $53,247, and that mean household income is $67,946. The median home value in Sunrise, FL, is $234,100. Home values in the city have gone up 3.9 percent over the last year, making it difficult for individuals with low-to-moderate income to break into homeownership. However, there are two great programs – HomeReady and Home Possible – offered by Fannie Mae and Freddie Mac, which come with less stringent qualification requirements for borrowers with low-to-moderate income.
HomeReady Loan in Sunrise, FL
HomeReady Loan is a flexible mortgage, offered by Fannie Mae, to accommodate the needs of low and moderate-income borrowers. It is an affordable program that allows down payment as low as 3 percent, which is less than the requirement for a government-backed FHA loan. The mortgage insurance for this program also costs less.
Non-occupant borrowers are allowed, making it easier for an individual to qualify for the HomeReady loan. For instance, you can get your parents to co-sign on the loan even if they’re not supposed to live with you. In addition, this loan program offers flexible funding; cash for closing costs and down payment may come from multiple sources like gifts and grants. There is no minimum requirement for personal funds.
The eligibility requirements for the Sunrise, FL HomeReady Loan are less stringent compared to other conventional loans. To qualify, you need a minimum credit score of 620. Moreover, your income shouldn’t exceed 80 percent of the area median income (AMI) for the location of the home.
Home Possible Loan in Sunrise, FL
Freddie Mac has its own program for borrowers with low-to-moderate income. It is called the Home Possible Loan and is similar to Fannie Mae’s Home Ready Loan in terms of features and eligibility requirements. You may be able to qualify for the Sunrise Home Possible Loan with a credit score of at least 620, provided your income doesn’t exceed 80 percent of the AMI for the property’s location.
Freddie Mac’s Home Possible Loan offers several benefits to borrowers. For starters, borrowers can qualify with as low as 3 percent in down payments. Moreover, they are allowed to use alternate sources of income to qualify for the loan. Rental income may be taken into consideration when determining a borrower’s ability to qualify. In the Home Possible Loan program, borrowers can also use a co-borrower (non-occupant) to help them get approved for the mortgage. This means that a parent or other relative of the borrower can sign on the loan even if they have no intention of living in the house.
Final Thoughts
Both HomeReady and Home Possible Loan programs in Sunrise, FL, are favorable to low-to-moderate income borrowers. So if you need a mortgage to buy a new home in Sunrise, FL, consider these loans. Talk to the experts at Fourpath Mortgage to apply for a HomeReady or Home Possible Loan. Call us today at 954-507-7553.