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HomeReady vs. FHA: Comparison of Housing Loan Programs

This comparison provides an overview of the HomeReady and FHA loan programs, including credit score requirements, down payment options, maximum debt-to-income ratios, income limits, available terms, eligible property types, mortgage insurance factors, gift and seller contribution allowances, and additional features. See an example of payment comparison based on a $125,000 purchase price and a 30-year fixed rate as of 5/22/2017.

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HomeReady vs. FHA: Comparison of Housing Loan Programs

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  1. HomeReady vs. FHA A Comparison of HomeReady and FHA Loan Programs

  2. Credit Score Down Payment

  3. Maximum Debt-to-income Income Limits

  4. Example of Rates for 30 year fixed (as of 5/22/2017) Terms available

  5. Eligible Property Types

  6. Own Other Property Employment

  7. Mortgage Insurance Mortgage insurance on HomeReady varies based on factors such as credit score, DTI, etc.

  8. Gifts allowed Seller Contributions

  9. Homebuyer Education Non-Occupant Co-borrower

  10. Non-Borrower Household Income can be use if it is at least 30% of borrower income and a letter stating they will occupy for at least 12 months • Boarder Income can be used if there is a 12 months history (cancelled checks) of this person paying the borrower their portion of the rent. Can be up to 30% of the qualifying income • Cash on hand can be used if it is obvious that the borrower has not used a bank account in a standard method (maybe for cashing checks only) Additional Features

  11. Scenario is based on purchase price of $125,000 on 30 yr fixed • Credit score of 680 • Payments based on rate as of 5/22/2017 • Up Front Mortgage Insurance financed Payment Comparison

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