Income Based Loans

Did you know that your income plays a part in not only your mortgage approval process, but also in your interest rate?

Conventional loans have a product called Home Ready. It's a conventional loan that has a lower interest rate and lower mortgage insurance than a traditional loan. It's based on a predetermined income for each county. Down payments are as low as 3% - 5%.

It's a way Fannie Mae/Freddie Mac try to incentivize affordable housing.