Home equity loans are a great way to gain some extra cash for home improvements, debt consolidation, or other big purchases you’re looking to make. Like any loan, it’s important to understand how a home equity loan works before getting one.
For those who qualify, the HomeReady® & Home Possible® loans from Fannie Mae and Freddie Mac offer lower down payments and reduced PMI costs.
What are the HomeReady® & Home Possible® loans?
These loans offer some unique benefits over FHA loans for borrowers who meet the eligibility requirements. HomeReady® & Home Possible® loans are perfect for people who have fairly good credit, but don’t have the cash to put up a 20% down payment. There is also an income limit for the program, Fannie Mae has a free tool that you can access to view the income limit in your area.
The HomeReady® & Home Possible® programs have stricter eligibility requirements than FHA loans, so be sure to talk to one of our loan experts to see if you could qualify.
Why Choose A HomeReady® or Home Possible® Loan?
Lower Down Payment
Get a home for as little as 3% down, even less than the FHA minimum.
Lower Private Mortgage Insurance Costs
PMI premiums are reduced for eligible borrowers, which helps keep the monthly payment lower than a standard conventional loan.
More Flexibility
These loans have more flexibility than FHA loans in terms of being able to obtain down payment funding from family gifts, grants, and sources other than your personal savings.
Who’s a Good Fit for a HomeReady® or Home Possible ® Loan?
Repeat or first-time homebuyers
Borrowers with limited cash for a down payment
Low/Middle income borrowers with a salary of up to 80% of the area’s median income
Borrowers with fair-to-good credit
Putting home ownership within reach for more homebuyers
Lower down payments and PMI costs, with more flexibility to fund the purchase of your dream home.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
At Mortgage Center LLC, we offer some of the best rates in the industry. Our transparent pricing and expert guidance ensure you get the right loan for your needs—without the surprises.
Whether you’re looking to manage your budget or want to figure out if you should buy or rent your next place, Mortgage Center has you covered. Check out our wide variety of calculators that can help you make the best financial decisions for your future.
Other Loan Options
Fannie Mae & Freddie Mac Fixed-Rate Loans
Your go-to option for long-term stability with predictable monthly payments.
Mortgage Center helped me get my first house! My MLO was super friendly and knowledgeable, and our closers were very helpful as well.
Madi W., Credit Union Member
The whole team I worked with were amazing. They were always there to answer any questions I had. The process was smooth and quick.
L. Oleston, Credit Union Member
The service was excellent. All the people involved were very supportive, professional and diligent. I did not consider credit union initially, but David Thomas was so convincing in his first call to me. I am so glad that I decided to go through the process with Mortgage Center!
A. Houenagnon, Credit Union Member
Our experience with the Mortgage Center was fantastic. The entire process from filling out the application to close went very smoothly and was so easy. Our team worked very hard to make the process as stress free and quick as possible. They were all very knowledgeable and kept us informed from start to close. I would absolutely recommend them!!
Mario G., Credit Union Member
We have worked with Mortgage Center for many years and for many different things. They are always on top of everything and do such an amazing job making sure you are satisfied with your loan. I would recommend them to anyone.
Joshua E., Credit Union Member
I’ve done two HELOCs previous to this it was the smoothest, most efficient, no anxiety process I’ve ever gone through. Kudos to ALL of you for your exemplary dedication to your job and your customer. Thank you all!
P. Duren, Credit Union Member
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