Don’t Let a Non-Traditional Financial Background Keep You From Your Home Ownership Dreams

Don’t Let a Non-Traditional Financial Background Keep You From Your Home Ownership Dreams

We Offer HomeReady Mortgages to Residents in & Around Springfield, MO

Do you want to own a home but can’t afford a large down payment? Are you hesitant about applying for a mortgage because of student loan debt? Don’t resign yourself to renting for the rest of your life. Apply for a HomeReady mortgage through Franklin American Mortgage Company – Joshua J. Duda in Springfield, MO.

HomeReady mortgages are a type of conventional loan that was created by Fannie Mae. It’s perfect for individuals who want to own a home, but are dealing with some financial challenges. Stop by our office today to determine if you qualify.

Consider the expanded eligibility guidelines of HomeReady mortgages

HomeReady mortgages are designed to help individuals with diverse financial and familial needs. Eligibility guidelines include:

  • Down payments as low as 3% of the purchase price
  • Consideration of income from a household member who won’t be on the mortgage as a borrower
  • Allowing people who don’t live in the property to become co-borrowers
  • Acceptance of additional income sources

Don’t let your financial situation keep you from owning a home. Reach out to us today for a HomeReady mortgage.

Home Possible Mortgage

With Home Possible® from Freddie Mac, low- to moderate-income borrowers can achieve their dreams of homeownership. The program expands eligibility for homebuyers with good credit ratings who are buying homes in areas designated by Freddie Mac as eligible.

Features Include:

  • Save money on closing costs
  • Downpayment options as low as 3%*
  • Home Possible® homeownership education program (for first-time homebuyers only)
  • Relaxed income eligibility requirements as well as fund sources for downpayment and closing costs**

HomeReady Mortgage

With HomeReady® from Fannie Mae, we can help meet the diverse financial needs of your low- to moderate-income buyers. The program expands eligibility for homebuyers with good credit ratings who are buying homes in areas designated by Fannie Mae as eligible.

Features Include:

  • 1-4 unit properties, condominiums, and PUDs (attached and detached)
  • Purchase and rate-term refinance
  • 10, 15, 20, 30-year fixed terms
  • Minimum 620 FICO
  • Lower MI requirements above 90% LTV
  • CLTV up to 100% with eligible Community Seconds
  • Relaxed income eligibility requirements as well as fund sources for downpayment and closing costs*
  • For purchase transactions, at least one borrower is required to take a homeownership course