Hi, Dan Paladin bringing you another episode of The Mortgage Morsel This week I just wanted to touch on a program that's actually not utilized as much as it probably should be
And it's not necessarily for first time home buyers, and it's a great program; as low as 3% down It's Fanny Mae's Home Ready The loan limit is actually increased to hide balance And so, depending on whether you do the conventional balance or high balance, down payment can be as little as 3% It does have reduced MI, which is great
Non occupying co-borrowers are allowed Oh, and as well as that 3% down, if you will, that can also be a gift Education is required from one borrower, if there are several There are income limits Both in Orange, and in LA Counties, it's 100% of the AMI; Area Medium Income, if you will
Typically, it's 64,300, which does not sound like a lot But there's also pockets of unlimited income We have several neighborhoods in Long Beach that do qualify, and I've also checked out Huntington Beach, and they also have several neighborhoods that would qualify for unlimited income So, just kinda depends on where the property might be located to take advantage of the unlimited income Regarding income, it also allows for boarder income, but there are conditions to that
That you need to have a previous history of living with the borrower to establish that income, if you will Again, 620 is the minimum FICO So, that's it on that particular program, Fanny Mae Home Ready If you have any questions, or wanna discuss that, feel free to get in touch with me And that's it for this episode, and I'll see you next time on The Mortgage Morsel
And if you're workin', I'm workin'