Miami-Home-Loan and the FNMA HomeReady® Loan

Miami-home-loan, and Element Funding, direct lending mortgage bank, reports on another unique program for buyers.  The HomeReady® mortgage gives a homebuyer, a way into homeownership.  Jim Carter, mortgage banker, reports on the details.

And, If you need to APPLY ONLINE NOW go to  Click the APPLY NOW button on the right side of the screen and apply on our secured site. If you want to know how I work with clients, here are some comments from a few past closed buyers,  The reviews are in the lower left of the left side bar.  Just click on the title “Reviews” in that sidebar, and it will take you to them.  Read them to learn about their experience!

In this article, we will review the HomeReady® Mortgage ,Built for today’s home buyers.  It may work for your or your friends, so, please share this article. Designed for creditworthy low-to-moderate-income borrowers, with expanded eligibility for financing homes in low-income communities. HomeReady® lets us lend with confidence while expanding access to credit and supporting sustainable homeownership.

Here is a video from the HomeReady® website to learn more about the program.

Key HomeReady® Mortgage features include:

  • Affordable, conventional financing with cancellable mortgage insurance (restrictions apply)
  • Up to 97% loan-to-value (LTV) financing and flexible sources of funds
  • Innovative underwriting flexibilities that expand access to credit responsibilities.

Innovative underwriting flexibilities expand access to credit responsibly. Flexibilities include: • Income from non-borrower household members considered as a compensating factor in Desktop Underwriter® (DU®) to allow for a debt-to-income (DTI) ratio >45%, up to 50%.

  • Rental unit and boarder income.
  •  Non-occupant borrowers, such as a parent.
  • Credit score – as low as 620 based on DTI required.  DTI’s range from 36% to 45% dependent on credit score
  • Financing up to 97% loan-to-value (LTV) for purchase of one-unit principal residence (DU is required for LTV ratios >95%) and up to 95% LTV for limited cash-out refi.
  •  Borrower is not required to be a first-time buyer.
  •  Cancellable mortgage insurance (restrictions apply); lower MI coverage (25% for LTVs >90% to 97%) compared with standard requirements
  • Gifts, grants, Community Seconds®, and cash-on-hand permitted as a source of funds for down payment and closing costs.
  • Nontraditional credit is allowed
  • Supports manufactured housing up to 95% and HomeStyle® Renovation (approved lenders) up to 95%.

Homeownership education requirement. Knowledge is power. That’s why the HomeReady® mortgage homeownership education requirement is designed to help borrowers gain essential knowledge to prepare for sustainable homeownership and lenders gain informed borrowers prepared to successfully navigate the loan process.

Simple borrower income eligibility . HomeReady® is available when purchasing or refinancing any single-family home, as long as the borrower meets the income limits of the property location. (Income eligibility limits may help lenders meet applicable Community Reinvestment Act goals.).

Miami-Home-Loan HomereadyFamily

Are You HomeReady?

So, if you or, anyone you know, is looking to find a Miami-Home-Loan, or a South-Florida-Home-Loan, to purchase their own first-time home, or to refinance an existing property, and would like help in getting their best financing solution, call me, Jim Carter at Element Funding, at 305-525-6742. Your Miami-Home-Loan expert!  If you want to see what other buyers have said in their review, please go to  And, If you want to APPLY ONLINE NOW,  go to Click the APPLY NOW button on the right side of the screen and apply on our secured site.


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