By Tony Mariotti, real estate professional, Los Angeles
In 2015, Fannie Mae added a new mortgage program, HomeReady, to their “low down payment” conventional loan program quiver. It’s a 3 percent down payment, conventional mortgage for low to moderate-income borrowers with good credit. What makes HomeReady really unique is that its guidelines allow non-borrower income — in certain circumstances — to count as qualifying income. Meaning, income from roommates, boarders, and family members who will not be listed on the deed or note can still be factored into the loan approval. Each type of income has it’s own rules which are covered in the full article.