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Fannie Mae’s HomeReady

Fannie Mae’s HomeReady program delivers robust and flexible features that enable homeownership in communities everywhere. In addition to having low down payment options, this mortgage loan provides the convenience of allowing multiple sources of funds for down payments and closing costs. 

Is It Right for You?

An attractive solution for first-time and repeat homebuyers, those with low-to-moderate income who don’t have much money set aside for a down payment and closing costs, and have good credit and a stable job.

Is It Right for Your Situation?

Primary residence, single family and 2-4 unit properties, condos and townhomes, Planned Unit Developments (PUDs), and manufactured double-wide homes; loan amounts up to $802,650 or based on County High Balance Limits.

Features and Benefits

  1. Down payments as low as 3%

  2. Flexible income and qualification requirements

  3. Fixed-rate and Adjustable Rate Mortgages (ARMs) available

  4. Non-occupant borrowers allowed for qualification

  5. Cash for down-payment and closing costs can come from multiple sources, including gifts and qualified grants

  6. Favorable Private Mortgage Insurance (PMI) conditions

  7. Homebuyer education requirements may apply

When you are ready to embrace the joys of homeownership, the HomeReady Mortgage loan can deliver that little extra touch of understanding and special treatment that certain situations deserve. If this sounds good to you, then this program might have been created with you in mind.

Ready to get expert advice and determine what works best for your personal situation? Contact one of our local, caring mortgage professionals at a Mortgage Center Near You.

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