Home Purchase Mortgage Calculators
Mortgage Program Calculators
Based on the information you provided, your son is unlikely to qualify for a mortgage using the HomeReady Program. According to the HomeReady Program guidelines, lenders evaluate a borrower's debt-to-income ratio to determine an applicants ability to qualify for a mortgage. Although there is no set rule, the maximum borrower debt-to-income ratio lenders typically allow is 43%, although the limit may be higher depending on the borrower's financial profile and other circumstances. Lender also typically require that a borrower's income comes from continuous, full-time employment as opposed to from a summer job or part-time employment. The HomeReady Program does allow income from boarder (renters) to be included in the borrower's income but only up to a maximum of 30% of the borrower's total income. Given the debt-to-income ratio, full-time employment and boarder income guidelines, it will be very challenging for your son to qualify for the HomeReady Program. We provide a comprehensive overview of the HomeReady Mortgage Program including borrower qualification guidelines on FREEandCLEAR.
Despite the challenges outlined above, we never say never at FREEandCLEAR so we would recommend that you contact three-to-four lenders to discuss your unique situation.