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Home Ready & Home Possible: Affordable Paths to Homeownership


💸 Impacts Interest Rate 🛡️Affects Mortgage Insurance (PMI) 📈 More Competitive Approval Odds 🤝Paired with Flexible Guidelines
💸 Impacts Interest Rate 🛡️Affects Mortgage Insurance (PMI) 📈 More Competitive Approval Odds 🤝Paired with Flexible Guidelines

💰Low Minimum Down Payment = Easier Entry 📉Lower Down Payment = Higher Loan To Value (LTV) 🛡️PMI Is Still Required - But Discontinued 💼Gift Funds & Grants Allowed 📈More Down = Better Terms
💰Low Minimum Down Payment = Easier Entry 📉Lower Down Payment = Higher Loan To Value (LTV) 🛡️PMI Is Still Required - But Discontinued 💼Gift Funds & Grants Allowed 📈More Down = Better Terms

✅Shows the lender your ability to repay the mortgage💰 A lower DTI = less financial risk, so lenders are more confident in approving the loan.🏠Programs like HomeReady/Home Possible aim to promote sustainable homeownership, and keeping DTI in check helps reduce the risk of default.
✅Shows the lender your ability to repay the mortgage💰 A lower DTI = less financial risk, so lenders are more confident in approving the loan.🏠Programs like HomeReady/Home Possible aim to promote sustainable homeownership, and keeping DTI in check helps reduce the risk of default.

💸They're Required Out-of-Pocket Expenses 🧰Affects Total Cash-to-Close 🎁Flexible Sources Allowed 🏦Impacts Monthly Payment If Rolled In 📊Can Influence Loan Approval
💸They're Required Out-of-Pocket Expenses 🧰Affects Total Cash-to-Close 🎁Flexible Sources Allowed 🏦Impacts Monthly Payment If Rolled In 📊Can Influence Loan Approval

🔑 Example: Buy a duplex with a HomeReady loan, Live in Unit A, Rent out Unit B, Use potential rental income to help qualify for the loan (with some restrictions)
🔑 Example: Buy a duplex with a HomeReady loan, Live in Unit A, Rent out Unit B, Use potential rental income to help qualify for the loan (with some restrictions)

 
 
 

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LJ Mortgage Team Inc.

LJ Mortgage Team Inc.

NMLS# 2120286 

127-03 Rockaway Blvd

South Ozone Park, NY 11420                

Call / Text:  (516) 218-1297

E-mail:  Info@LJMortgageteam.com 

Hours:  M-F 9 am to 7 pm   Sat 10 am to 5 pm

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Registered Mortgage Broker-New York State Department of Financial Services. 

Loans are arranged through 3rd-party lenders.  

MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR MORTGAGE CORRESPONDENT LENDER

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