At Simply Approved Mortgages, we specialize in providing tailored mortgage solutions to make homeownership accessible for all. Our offerings include 2-1 Buydown Mortgages, HomeReady Loans from Fannie Mae, and Home Possible Loans from Freddie Mac. These programs are ideal for first-time buyers and moderate-income households seeking affordable home financing.
A 2-1 buydown mortgage is a temporary interest rate reduction that lowers your monthly payment for the first two years. Here’s how it works:
This program is ideal for:
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
HomeReady is a low down payment program designed for moderate-income borrowers.
Home Possible is another excellent low down payment program catering to first-time buyers and repeat buyers with limited income.
At Simply Approved Mortgages, we operate with a 1.5% fee, significantly below the industry standard. This ensures more savings for borrowers without compromising service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
| Feature | HomeReady (Fannie Mae) | Home Possible (Freddie Mac) |
|---|---|---|
| Minimum Down Payment | 3% | 3% |
| Income Flexibility | Includes non-borrower income | Allows gift funds for all costs |
| PMI | Reduced; cancellable | Reduced; cancellable |
| Eligibility | Up to 80% of AMI | Up to 80% of AMI |
| Homeownership Course | Required | Optional |
Income Limits:
Credit Score:
Primary Residence:
Educational Requirement (HomeReady Only):
With our industry-leading 1.5% fee, compared to the standard 2.75%, we save you thousands while offering competitive rates tailored to your needs. Learn More.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
Yes, both HomeReady and Home Possible can pair with 2-1 Buydown options to maximize affordability.
Yes, both require PMI for down payments under 20%, but they offer reduced costs compared to standard loans.
No, repeat buyers are also eligible as long as they meet the income and occupancy requirements.
A minimum credit score of 620 is required for both programs.
Income limits and conforming loan limits vary by location. Check eligibility using the Freddie Mac Eligibility Map or Fannie Mae’s Lookup Tool.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
Unlocking the American Dream, One Home at a Time
NMLS# 2620881 | NMLS Consumer Access Record