The brand new HomeReady Program can be used to both buy property and you will refinance your home loan. You can find things to bear in mind if you want to re-finance your loan having a great HomeReady financial.
Earliest, HomeReady can just only be used getting speed and you can name refinances. This means just the mortgage rates therefore the length of their mortgage can change once you refinance.
2nd, HomeReady is a superb refinance choice when you have minimal collateral of your house. If Federal national mortgage association possesses otherwise protects your mortgage, youre merely expected to keeps step 3% residents equity on the possessions to help you qualify for the brand new refinance, so that you are eligible having a home loan which have financing-to-worthy of (LTV) ratio out of 97%. Continue Reading Seeking the fresh HomeReady Program to help you refinance their home loan?