Are you stashing money under the mattress, in a home safe, or even in a security deposit box? And are you a person who customarily uses cash for expenses? If so, there is great news for you when it comes to buying a home. Through the Fannie Mae HomeReady program cash-on-hand is an acceptable source of funds for a borrower’s down payment, funds for closing costs, and prepaid items like insurance and property taxes.
This means you can use that rainy day fund to buy a home without the illuminati knocking on your door. Of course, you won’t have any money left over for the apocalypse but if that happens we’ll be back to trading furs and bullets anyway.
This could especially be good for those first-time home buyers with minimal funds available for down payment. Some other great features of this loan program include:
- Up to 95% financing with non-occupant co-borrower
- Up to 105% financing w/o non-occupant co-borrower
- Not required to be a first-time home buyer
- Gift funds, grants, and down payment assistance programs are all eligible sources of funds.
There are even more enhancements to this program that could benefit you so to find out more click here to contact me and reference “Cash-on-hand” in the subject line.
By David Hughson