Conventional Programs – HomeReady and HomePossible

Are you considering buying your first home in the Minneapolis metro area? As you venture into the world of home buying, it’s crucial to explore all your options to make an informed decision. At Quality Choice Mortgage, we understand the significance of finding the right loan program tailored to your needs. That’s why we’re here to introduce you to two fantastic options: HomeReady by Fannie Mae and HomePossible by Freddie Mac.

HomeReady and HomePossible are conventional loan programs designed to assist first-time homebuyers, like yourself, in achieving homeownership dreams with ease. Here’s a breakdown of what these programs offer:

Low Down Payment Advantage:

Both HomeReady and HomePossible feature a low down payment benefit, requiring only 3% down payment. This feature makes homeownership more accessible, especially for those who may struggle to save a substantial amount for a down payment.

Reduced Monthly Mortgage Insurance:

With these programs, you’ll enjoy lower monthly mortgage insurance compared to traditional loans. This means more savings for you each month, allowing you to allocate your funds towards other essential expenses or investments.

Potential for Lower Mortgage Rates:

Additionally, HomeReady and HomePossible may offer lower mortgage rates, helping you save even more over the life of your loan. This can result in significant long-term savings and make your homeownership journey more affordable.

Income Limit Considerations:

It’s essential to note that these programs have income limits, typically set at 80% of the adjusted median income in your area. However, they are not exclusive to first-time homebuyers, making them accessible to a broader range of individuals and families.

At Quality Choice Mortgage, we believe in providing personalized service to our clients. That’s why Kyle Johnson, our expert mortgage advisor in the Minneapolis metropolitan area, is here to guide you through the process. Kyle will take the time to understand your unique situation and goals, then work diligently to find the loan program that best suits your needs.

Whether you’re a first-time homebuyer or looking to move into your next dream home, Quality Choice Mortgage is here to help. Contact Kyle Johnson today to explore your loan options and take the first step towards homeownership in Minneapolis. With Quality Choice Mortgage by your side, your dream home is within reach.