Fannie Mae HomeReady
FICO per AUS
Up to 97% CLTV
Fannie Mae's HomeReady mortgage is a lifeline for creditworthy, low- and moderate-income borrowers seeking to purchase or refinance a home. It offers the security of a Conventional loan with potential cost savings on mortgage insurance. Qualifying for a HomeReady mortgage can be easier thanks to a lower down payment option and flexible sources of down payment funds.
Program features- FICO as per AUS
- Loan amounts up to $832,750
- DTI as per AUS
- Primary residence
- Homebuyer education is required for first-time buyers
- Temporary rate buydowns available
- Gift funds allowed
- Cancelable MI
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Program details
Loan amounts up to $832,750
DTI per AUS
Primary residence
Minimum down payment 3%
LTV up to 97%
Limited cash-out refinance available
The income limit is 80% of the Area Median Income (AMI) for the property's location
Rental income can be used as qualifying income
Reserves per AUS
Gifts, grants from lenders or other eligible entities, and Community Seconds are acceptable sources of funds for down payment and closing costs
25% MI coverage for LTVs 90.01−97%; standard MI coverage for LTVs of 90% or less; MI may be financed up to the maximum LTV for the transaction, including the financed MI
Eligible property types: 1-unit principal residence, including eligible condos, co-ops, PUDs, and manufactured housing; 2- to 4-unit principal residence (no condos, co-ops, or manufactured housing)
Various fixed term
Eligible citizenship: US citizens, Permanent Residents, Non-permanent Residents
Eligible borrowers: Individuals, Revocable & Land Trusts
Fast turnaround times
As fast as
24 hr
Disclosure
As fast as
24 hr
Underwriting
As fast as
48 hr