Eligible Loan Types
HomeReady mortgage transactions can be secured by fixed-rate or ARM loans.
The following table identifies the ARM plans that are available for HomeReady mortgage loans by delivery method.
|ARM Plans Eligible for HomeReady Mortgages|
|ARM Plans Eligible for MBS Delivery|
|30-year||Five-Year ARMs||659, 660, 661, 3846, 4927|
|Seven-Year ARMs||750, 751, 4928|
|Ten-Year ARMs||1423, 1437, 4929|
|ARM Plans Eligible for Whole Loan Delivery|
The following requirements apply to temporary interest rate buydowns on HomeReady mortgages:
- Loans must be purchase transactions.
- Loans must be fixed-rate or seven- or ten-year ARMs.
- All other standard buydown policies apply.
See B2-1.4-04, Temporary Interest Rate Buydowns, for additional information.
For more information on HomeReady, refer to B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility