The homeready program could be a good alternative for folks with limited funds. Unlike FHA or other programs, this program allows borrowers to put as little as 3% down.
One of the highlights of this program is the fact that the mortgage insurance is cancellable once the balance falls below 80% of LTV, and cancelled automatically once the balance falls below 78% LTV.
Moreover, the co-borrower does not have to reside in the same property, which removes a big hurdle while looking for a co-borrower.
In addition, Borrowers and co-borrowers can have an interest in other properties at the time of purchase, provided that they intend on using the property purchased with homeready as the primary residence.
Income limitations apply. please use the link below for income limitations.
