topic Re: Home Possible and Home Ready Mortgages in Mortgage Loans

Home Possible and Home Ready Mortgages

eblackman — Wed, 28 Apr 2021 00:35:40 GMT

Hello everyone and I live in Maryland and wondered how do I go about finding out lenders who offer these programs. I don't see anything on Fannie or Freddie's website that gives a list. Thank you

Re: Home Possible and Home Ready Mortgages

House2021 — Wed, 28 Apr 2021 05:11:07 GMT

I would google HomePath or HomeReady, your state, and "loan officer" or "bank". Not many do that, must be some reason why?

Re: Home Possible and Home Ready Mortgages

NC_Mtg_Loaner — Wed, 28 Apr 2021 14:45:04 GMT

They are conventional loan programs so most banks will offer them if you qualify.

Re: Home Possible and Home Ready Mortgages

eblackman — Thu, 29 Apr 2021 16:53:47 GMT

what is strange to me or maybe not so strange for example I got pre-approved from QUicken and First home mortgage of Maryland. Both offer the product but were told you need to have a credit score above 720 to get into that program even though both products say credit scores above 620. When I mentioned that was told that is true but it's what they required.

I think some loan officers especially dealing with first time home buyers like myself who don't have a lot of money they just go the easier route and that is just FHA loan LOL

Re: Home Possible and Home Ready Mortgages

House2021 — Sat, 01 May 2021 02:08:04 GMT

I'm curious too. What do you like about the program? I like that you can count rent from an ADU. NASA credit union is an affordable choice to, no PMI

Re: Home Possible and Home Ready Mortgages

VALoanMaster — Mon, 03 May 2021 20:47:07 GMT

@eblackman wrote:
what is strange to me or maybe not so strange for example I got pre-approved from QUicken and First home mortgage of Maryland. Both offer the product but were told you need to have a credit score above 720 to get into that program even though both products say credit scores above 620. When I mentioned that was told that is true but it's what they required.

I think some loan officers especially dealing with first time home buyers like myself who don't have a lot of money they just go the easier route and that is just FHA loan LOL

@eblackman wrote:
what is strange to me or maybe not so strange for example I got pre-approved from QUicken and First home mortgage of Maryland. Both offer the product but were told you need to have a credit score above 720 to get into that program even though both products say credit scores above 620. When I mentioned that was told that is true but it's what they required.

I think some loan officers especially dealing with first time home buyers like myself who don't have a lot of money they just go the easier route and that is just FHA loan LOL

Unfortunately, you're right.

In addition to that, they may not have an option for PMI with lower scores.

I check the income limits on all of my clients to see if Home Ready/Home Possible is an option for them. If the client qualifies, I show them the numbers for all the available options and let them decide which options works for them.

Re: Home Possible and Home Ready Mortgages

House2021 — Wed, 05 May 2021 16:41:52 GMT

Wanted to bump this I'm not finding anything either

Re: Home Possible and Home Ready Mortgages

BMW_328i — Thu, 06 May 2021 03:30:53 GMT

BOA