HomeReady

HomeReady® Product Highlights:

Ideal HomeReady Borrowers

  • Low income
  • First-time or repeat homebuyers
  • Limited cash for down payment
  • Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Supplemental boarder or rental income
  • Looking to purchase or refinance

 

Down Payment

As Low as 3% Down Payment - Low down payment for home purchase or refinance transactions.

 

Flexible Funding

Flexible funding for down payment or closing costs can come from multiple sources, including, gifts, grants from lenders or other eligible entities, and Community Seconds®, with no minimum personal funds required.

 

Affordable Mortgage Insurance

Reduced MI coverage requirement above 90% LTV; cancellable MI once the borrower’s equity reaches 20% (restrictions apply).

 

Homeownership Education Requirement

If all occupying borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV. Fannie Mae HomeView™ can be used to satisfy the homeownership education requirement.

Click Here for more information on the Fannie Mae HomeReady Mortgage program.