New Product Launch: HomeReady

Umpqua Bank has just rolled out the Fannie Mae HomeReady product - which has undoubtedly solved many issues faced by potential homeowners. The HomeReady product is advantageous for borrowers who have relatives or non-relatives living in the home, who will not be associated with the loan, but would like to leverage their income to qualify for a HomeReady loan.

HomeReady Details:

  • 10/15/20/30-year fixed-rate mortgages and 5/1, 7/1, and 10/1 ARMs available.
  • 1-unit principal residence, including eligible condos, co-ops, PUDs, and manufactured housing or 2- to 4-unit principal residence (no condos, co-ops, or manufactured housing).
  • Minimum down payment: 3%
  • 5% minimum borrower contribution no longer applies. Gifts, grants, Community Seconds and Cash on Hand may be used for entire down payment, closing costs and prepaids.
  • Minimum credit score: 620
  • May have accessory dwelling units: Rental income may be considered in qualifying the borrower per rental income guidelines.
  • No income limits in low-income census tracts.
  • Non-borrower household income may be used (relative or non-relatives). Income must total at least 30% of the total monthly qualifying income being used by the borrower(s). (Note: Income from more than one non-borrower household member may be considered.)
  • 25% MI coverage for LTVs 90.01-97% and standard MI coverage for LTVs of 90% or less.

For more information, feel free to reach out: 

(360) 937-0983

dylanlangei@umpquabank.com

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This summary is intended for reference only. All criteria are subject to the formal terms and conditions of the Fannie Mae Selling Guide and Servicing Guide. In the event of any conflict with this document, the Selling Guide and/or Servicing Guide will govern. https://www.fanniemae.com/singlefamily/homeready