Get pre-approved for your mortgage today, shop with an advantage tomorrow!
To be pre-approved for a mortgage loan means that your creditworthiness has been evaluated and a commitment has been made to extend you a loan, up to a specified amount based on certain assumptions and conditions.
*A loan pre-approval is not a guaranteed loan offer.
TIME TO PREPARE
Pre-Approval gives a buyer time to evaluate financing options available and decide on the best solution, as well as put in place a budget for new home ownership.
STRENGTH TO NEGOTIATE
A buyer with pre-approved financing has increased power to negotiate an offer to purchase, because sellers and real estate professionals take those offers more seriously.
Closings can be written in a contract sooner because the pre-approval is in place. A quick closing is attractive to both the seller and real estate professionals involved.
The overall process is quicker, smoother and less stressful for all parties involved, because financing is done up front. Being prepared financially will allow you to concentrate on finding the right home.
Fannie Mae HomePath is a program that speeds up the process of selling foreclosed homes. This helps Fannie Mae in its mission to help homeowners avoid and prevent foreclosure by working with organizations—such as housing counselors and mortgage companies.
If foreclosures happen, Fannie Mae HomePath helps to sell the properties as quickly as possible to help minimize the impact on defaulting homeowners.
HomeReady® Mortgage Program
HomeReady® is for those who want to buy a single-family home and can meet the income limits in their area. A 3% down payment and co-borrower flexibility are among the features included.
To qualify, you’ll need to complete an online homeownership course run by Framework. This mortgage program is available for those who purchase a HomePath property or not.
Freddie Mac Home Possible is a specialty mortgage program for first-time homebuyers which allows for down payments of as low as 3%-5% and features reduced private mortgage insurance (PMI), which can be canceled once your home equity reaches 20%.
Income Limits: The borrower's annual income cannot exceed 100% of the area median income limits (or higher percentage in designated high-cost areas). No income limits apply if the property is in an underserved area.
Eligible Property: A one- to four-unit primary residence or a manufactured home that meets the guidelines.
Eligible Mortgages: First-lien, fully amortizing mortgages; fixed rate and adjustable rate loans are allowed. The maturity must not exceed 30 years.
LTV and DTI Ratios: Max 95% LTV, DTI Determined by Loan Product Advisor or 45% if manually underwritten.