Home One

Features:

  1. Low Down Payment Options:

    • Borrowers can make a down payment as low as 3% of the home’s purchase price, which can help reduce the initial cash outlay required to buy a home.
  2. Flexible Sources of Income:

    • HomeReady considers income from non-borrower household members (such as family members living in the home) to help borrowers qualify. This is beneficial for households with multiple income earners.
  3. Lower Mortgage Insurance Costs:

    • Borrowers may qualify for lower mortgage insurance premiums compared to conventional loans, which can result in lower monthly payments.
  4. Credit Score Flexibility:

    • While specific credit score requirements can vary, HomeReady mortgages generally have more flexible credit guidelines compared to traditional conventional loans. This can make it easier for borrowers with less-than-perfect credit to qualify.
  5. Educational Requirements:

    • Borrowers are required to complete an online homeownership course called Framework to help them understand the responsibilities and financial implications of homeownership.
  6. Use as Primary Residence:

    • The property financed with a HomeReady mortgage must be used as the borrower’s primary residence, meaning it cannot be used for investment or rental purposes.

Requirements:

  1. Income Limits:

    • There are income limits that apply, which vary depending on the location of the property. Borrowers must meet these income limits to qualify for a HomeReady mortgage.
  2. Homeownership Education:

    • Completion of the Framework homeownership course is mandatory for all borrowers. This course covers topics such as budgeting, understanding credit, and the home buying process.
  3. Property Standards:

    • The property being financed must meet certain standards set by Fannie Mae, ensuring it is in good condition and suitable for residential purposes.

Benefits:

  1. Access to Homeownership:

    • HomeReady mortgages aim to increase access to homeownership for borrowers who may not qualify for traditional conventional loans due to income or down payment constraints.
  2. Lower Costs:

    • The combination of lower down payment requirements and potentially reduced mortgage insurance costs can make buying a home more affordable for eligible borrowers.
  3. Flexible Income Consideration:

    • The ability to consider income from non-borrower household members can help borrowers qualify for higher loan amounts or lower interest rates.
  4. Educational Support:

    • The mandatory homeownership education course helps borrowers make informed decisions and prepare financially for the responsibilities of owning a home.

Disclaimer

Loans are subject to credit approval. Terms and conditions apply. VA loans are available to eligible veterans, active-duty service members, and certain spouses. USDA loans are available for properties located in eligible rural areas and are subject to income limits. FHA loans require mortgage insurance premiums and have specific eligibility requirements. Conventional loans typically require a down payment and private mortgage insurance (PMI) if the down payment is less than 20% of the home's purchase price. 0 down conventional loans are subject to lender approval and may have stricter credit and income requirements. Borrowers should consult with a mortgage specialist to determine eligibility and explore all available loan options.

Have a Question?

Flint Hills Mortgage Has An Answer

A HomeOne loan is a mortgage program offered by Fannie Mae designed to assist first-time homebuyers or those with limited income. It requires a minimum down payment of 3% and has specific eligibility criteria.

    • Generally, first-time homebuyers or those who haven’t owned a home in the last three years may qualify. Income limits and credit score requirements apply. Our mortgage advisors can help determine if you meet the criteria.

Benefits include a low down payment requirement of just 3%, competitive interest rates, and more flexible credit score requirements compared to other conventional loans.

PMI is insurance that protects the lender if the borrower defaults on the loan. It is required when the down payment is less than 20% of the home’s purchase price.

While HomeOne loans are primarily for first-time homebuyers, repeat buyers may qualify under certain conditions, such as meeting income limits and credit score requirements.

Income limits vary depending on the location of the property and the number of people in your household. Our team can provide specific details based on your situation. conditions, such as meeting income limits and credit score requirements.

Typically, a minimum FICO credit score of 620 is required. However, credit requirements can vary based on lender and other factors.

Yes, if your down payment is less than 20% of the home’s purchase price, you will need to pay for private mortgage insurance (PMI).

HomeOne loans can be used to purchase single-family homes, townhouses, and condos that will be your primary residence. Investment properties and vacation homes are not eligible.

You’ll typically need to provide proof of income (such as pay stubs and tax returns), employment verification, bank statements, and other financial documentation. Our mortgage specialists can guide you through the required paperwork.

Contact Flint Hills Mortgage to schedule a consultation with one of our experienced loan officers. We’ll assess your eligibility, explain the process, and help you navigate every step of securing your HomeOne loan.

Contact Us

801 E Douglas Ave RM 206 Wichita KS 67202

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