More Buyers are Achieving Home Ownership with HomeReady

HomeReady Mortgage is a Fannie Mae Program and offered by Northstar Home Funding         General Terms and Guidelines to Review:

  • 97% financing purchase -1 unit /Owner Occupied.
  • No minimum borrower contribution (1 Unit properties) – use flexible sources of funds for down payment and closing costs (gifts, & cash-on-hand).
  • Non-Occupant borrowers allowed to 95%.
  • Will consider income from a non-borrower household member (new feature) as a compensating factor in DU to allow for a debt-to-income (DTI) ratio higher than 45%, up to 50%.
  • Reduced risk-based pricing adjustments.
  • Reduced monthly MI coverage >90% to 97%.
  • Manufactured Homes allowed up to 95%.
  • Assist with financing and supporting disaster-impacted areas.
  • Rental income allowed from an accessory unit.
  • Nontraditional credit is allowed.

Click here to apply and determine your potential eligibility for the HomeReady Loans