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RateBreak

Free 2-1 Buydown!

Flexible Options for Affordable Homeownership

The 2-1 temporary buydown offer is funded by Rocket Mortgage. Clients will receive an effective rate reduction of 2% below the note rate in the first year and 1% below the note rate in the second year.

Offer only valid on HomeReady® or Home Possible® loans. Maximum loan amount of $350,000. Buydown funds may not be redeemed for cash or credit and are nontransferable. This offer cannot be retroactively applied to any loans in process or closed loans. Offer is subject to changes or cancellation at any time at the sole discretion of Rocket Mortgage. Additional restrictions/conditions may apply. This is not a commitment to lend.

What is the HomeReady Loan Program?

The HomeReady loan program, backed by Fannie Mae, is designed for creditworthy, low- to moderate-income buyers. HomeReady offers competitive interest rates and can be an ideal solution for buyers who are looking for a low down payment option but may not qualify for other conventional loans.

Key Features of HomeReady

Who is Eligible for HomeReady?

To qualify for HomeReady, borrowers must have incomes that do not exceed 80% of the AMI for the property’s location. HomeReady is designed to make homeownership possible for buyers who may not have high incomes or significant savings for a large down payment. While there are credit score requirements, HomeReady is flexible, and borrowers with scores in the mid-600s or higher may qualify.

What is the Home Possible Loan Program?

The Home Possible program, backed by Freddie Mac, shares similar goals with HomeReady but offers its own set of features designed to help low- and moderate-income borrowers. Home Possible also provides an affordable option for first-time buyers and those seeking to refinance into more favorable terms.

Key Features of Home Possible

Who is Eligible for Home Possible?

Eligibility for the Home Possible program is also based on income, with a general focus on low- and moderate-income borrowers. As with HomeReady, the borrower’s income must not exceed 80% of the AMI for the area where the home is being purchased. However, Home Possible offers additional flexibility when it comes to credit requirements, making it an excellent choice for buyers who may not have perfect credit but are otherwise financially stable.

How to Choose Between HomeReady and Home Possible

Both loan programs offer similar benefits and are designed to make homeownership more attainable for low- to moderate-income buyers. However, there are subtle differences between the two programs:

Ready to Get Started with HomeReady or Home Possible?

If you’re ready to explore your options for affordable homeownership, Flatwater Mortgage, LLC can help you decide whether HomeReady or Home Possible is right for you. Contact us today to learn more about these programs, determine your eligibility, and take the first step towards buying your home.

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