Yes, HomeReady® offers refinancing options that can help you take advantage of lower interest rates and better loan terms.
Who Can Qualify for a HomeReady® Mortgage?
The HomeReady® mortgage, offered through Fannie Mae, is designed to make homeownership more accessible for low- to moderate-income borrowers. This program allows for down payments as low as 3% and offers flexible income sources, including contributions from household members who aren’t on the loan. First-time and repeat homebuyers can qualify, and HomeReady® mortgages are available for primary residences. To be eligible, borrowers typically need a minimum credit score of 620 and must complete an approved homeownership education course if they are first-time buyers.
Using a HomeReady Mortgage to Refinance Your Existing Loan
The HomeReady® program isn’t just for purchasing homes—it also offers an opportunity for borrowers to refinance their existing mortgages. Eligible homeowners can use a HomeReady® refinance to secure a lower interest rate, reduce monthly payments, or change loan terms. Like the purchase option, the refinance program allows for flexible income qualifications and may help borrowers who have built up equity in their homes but need a more affordable loan structure. Refinancing through HomeReady® can be especially beneficial for homeowners looking to consolidate debt or transition from an adjustable-rate mortgage (ARM) to a more stable fixed-rate loan while taking advantage of the program’s competitive rates and reduced mortgage insurance premiums.
At PDCU, our knowledgeable Fannie Mae mortgage team is here to assist you through every step of the home-buying process, ensuring you find the right loan to meet your needs. As a member-owned credit union, we put your best interests first, offering personalized service and expert guidance.
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