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Union State Bank Offers HomeReady Mortgage Program

Union State Bank Offers HomeReady® Mortgage Program

For many low to moderate income households, owning a home is considered the “American Dream.”  Unfortunately for many, the upfront costs associated with obtaining a home loan creates a significant obstacle on the path to home ownership.

Union State Bank offers a variety of low down payment programs, like Fannie Mae's HomeReady® mortgage loan, that can help make the process more manageable. HomeReady® is specifically designed to make homeownership more accessible to a broader range of people, including first-time homebuyers and those with low to moderate incomes.

One of the most significant advantages of the HomeReady® program is the low down payment requirement. Borrowers may be able to put down as little as 3% of the home's purchase price, making homeownership more achievable for those who may not have substantial savings. According to Loan Officer Brenda Butters of Union State Bank, "Many people believe that they need to have a significant amount of money saved up to purchase a home, but this program shows that isn't necessarily the case."

A borrower does not have to be a first-time homebuyer to qualify for the HomeReady® program. However, borrowers must meet income eligibility requirements, which vary depending on where the home is located. The loan program is limited only to borrowers whose earnings fall within 80% of their areas’ median household income. Union State Bank provides a link through their website to Fannie Mae’s Area Median Income Lookup Tool.

“By offering this loan program only to households that fall within a specific income group we are able to assist individuals in achieving their dream of homeownership. What makes this program particularly rewarding for me is being able to assist people in qualifying who believed their housing options were rather limited,” Butters explained.

Overall, the Home Ready Mortgage loan is an excellent option for those looking to purchase a home but may have limited funds for a down payment or past credit issues. With low down payment options and unique income eligibility rules, this loan product is designed to make homeownership more accessible for a wider range of people. For more information on Union State bank’s products and services or to speak with a loan officer, please visit www.MyUnionState.Bank or call 866-557-0060.

About Union State Bank: Founded in 1908, Union State Bank has banking locations serving communities of Arkansas City, Newton, Udall, Winfield, and Wichita in Kansas and in Bartlesville and Edmond, Oklahoma. Union State Bank offers a full range of electronic, deposit and cash management services, as well as business and agriculture, commercial real estate, construction, mortgage, residential and consumer loans. Member FDIC. Equal Housing Lender, NMLS# 412388.