Courtesy of Ann Waneck of Elite Financing Group
Have you ever heard of Fannie Mae’s Home Ready or Freddie Mac’s Home Possible programs? The purpose of these programs is to help lower income borrowers accomplish the dream of homeownership. To qualify, the borrower must make 80% or less of the average medium income for the area the home is located in. So, let’s take Bastrop and Williamson Counties as an example, the average household income is $110,300. 80% of that is $88,240. Why is this important? The answer is simple, interest rates! There are pricing benefits for these borrowers, and they typically only need 3% down!
Long story short, we have multiple products available to serve our clients well.
For more information on these products, click the links below.
Fannie Mae HomeReady Look-Up Tool
Freddie Mac Home Possible Look-Up Tool
Fannie Mae Income Look-Up Tool Tips
Contact Ann at The Wanack Team with Elite Financing Group today to help you achieve homeownership