Fannie Mae HomeReady®

HomeReady® Mortgage

HomeReady is an affordable low down payment mortgage product designed for creditworthy low- to moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.

Borrower Benefits
  • Low down payment with up to 97% LTV financing for home purchases
  • Competitive pricing meets or beats Fannie Mae’s standard loan pricing
  • Flexible sources of funds with no minimum contribution requirement from borrower’s own funds (1-unit properties)
  • Rental and boarder income may be considered for qualifying
  • Expanded debt ratios when using additional household income from non-borrowers
  • Non-borrower household income is not counted toward income eligibility limits
  • Cancellable private mortgage insurance per Servicing Guide policy
  • Reduced MI coverage requirements for LTVs above 90% (up to 97%)
  • Homeownership education and advising options empower borrowers to become successful homeowners (not required on refinances)

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