Home Loans Arizona - California - Nevada - Utah

Avondale AZ HomeReady® is an affordable, low down payment mortgage product designed for creditworthy low-income borrowers. The HomeReady and Home Possible mortgages are conventional, Agency affordable lending mortgage programs designed for creditworthy, low- to moderate income borrowers. These loan programs provide expanded eligibility for financing a primary residence in designated low-income, minority, and/or disaster-impacted communities.



Loans originated using general loan limits and high-cost area loan limits (i.e., high balance mortgage loans) are eligible under the HomeReady and Home Possible mortgage loan program. Loans originated using general loan limits only are eligible under the Home Possible mortgage loan programs. All HomeReady mortgage loans originated using general loan limits must be underwritten with Fannie Mae’s Desktop Underwriter® (DU®) or be traditionally (i.e.,non-AUS) underwritten. All high-balance HomeReady mortgage loans must be underwritten with Fannie Mae’s DU. All DU processed HomeReady loans must receive a DU “Approve/Eligible” or an acceptable “Approve/Ineligible” recommendation. 

Avondale AZ HomeReady benefits

• Low down payment; as little as 3% down for home purchases
• Flexible sources of funds with no minimum contribution from borrower’s own funds
• Non-occupant borrowers permitted
• Cancellable mortgage insurance (restrictions apply)
• Reduced MI coverage requirement for loan-to-value ratios above 90% (up to 97%)
• Pricing is better than or equal to Fannie Mae’s standard loan pricing (risk-based pricing waivers
• for LTV ratios > 80% with a credit score = 680)

Avondale AZ HomeReady Home Loan Acceptable Assets

• Personal gifts, gifts or grants from a qualified entity, employer assistance
• Community Seconds
• Minimum borrower contribution from own funds MUST be met before other acceptable sources of funds are permitted
• Cash-on-Hand- Cash on hand is an acceptable source of funds for the borrower’s down payment and/or funds for closing costs and/or prepaid items on
• purchase transactions of 1 unit properties.
• The borrower customarily uses cash for expenses, and the amount of funds saved is consistent with the borrower’s previous payment practices.
• Funds for the down payment and closing costs must exist in a financial institution account or an acceptable escrow account. Funds must be on deposit at the time of application, or no less than 30 days prior to closing.
• The cash on hand is not borrowed and could have been saved by the Borrower.
• The credit report does not show more than three Trade lines for the Borrower.
• The updated credit report and other verifications should indicate limited or no use of credit and limited or no depository relationship between the borrower and a financial institution.
• Sweat equity is allowed, if the following conditions are met: The mortgage is originated under a specific lending program. The lending program is
• managed by a strong, experienced nonprofit organization. When sweat equity is accepted toward the down payment, the borrower must contribute at least 3% from his or her own funds. For one unit properties, a minimum down payment of 5% is required – 2% sweat equity and maximum LTV ratio of 95%. For two to four unit properties, refer to the table above.

If you are ready to get qualified for your a HomeReady Home Loan in the city of Avondale AZ please call Nathan Rufty at (623) 850-1210.