GRA Workshops - Fannie Mae Home Ready and Freddie Mac Home Possible with Nina Gonzalez, GRA & Ken Kemp, CBR Real Estate School

ID: 
180966
1 session
GRA Workshops - Fannie Mae Home Ready and Freddie Mac Home Possible with Nina Gonzalez, GRA & Ken Kemp, CBR Real Estate School
Class Begins: 
Tuesday, 08/23/2022
Class Ends: 
Tuesday, 08/23/2022
Register

This Workshop will cover Low down payment conventional programs. 
 
Home Possible®
The Freddie Mac Home Possible® mortgage offers more options and credit flexibilities than ever before to help your very low-to low-income borrowers attain the dream of owning a home.
 
In addition to its down payment requirement of as little as 3%, Home Possible now offers more options to responsibly increase homeownership for more of your borrowers. Co-borrowers who do not live in the home can be included for a borrower’s one-unit residence, borrowers are permitted to have another financed property, and more –all with competitive pricing and the ease of a conventional mortgage.
 
We’re helping you provide affordable solutions to more creditworthy borrowers so you can enhance your business and your communities at the same time.
 
Home Ready
What are HomeReady’s borrower benefits? HomeReady serves low-income borrowers. ▪ HomeReady features pricing that is better than or equal to standard loan pricing. ▪ Lower than standard MI coverage requirements for loans with LTVs greater than 90 percent up to 97 percent. ▪ Cancellable monthly MI payments (per Servicing Guide policy; generally, upon borrower request when the loan balance drops below 80 percent LTV, or automatically when it drops below 78 percent). ▪ Innovative underwriting flexibilities, including rental unit and boarder income, expand access to credit responsibly. Gifts, grants, and Community Seconds® can be used as a source of funds for down payment and closing costs, with no minimum contribution required from the borrower’s own funds (1-unit properties). Any eligible loan may have more than one Community Seconds (i.e., third lien) up to the maximum 105 percent CLTV (see Community Seconds fact sheet). Cash-on-hand can also be used for down payment and closing costs (1-unit properties).

Class Sessions:

Fannie Mae Home Ready and Freddie Mac Home Possible

Tue, 08/23/2022 - 10:00am to 11:00am
Instructor: 
Kenneth Kemp
Seats Available: 
179