HomeReady, a program by Fannie Mae, is designed to serve low-income and low-credit-score buyers looking to finance a home loan. You may be able to buy a home with little or no money out of your pocket by using gifts from friends or family toward your down payment.
- Loan amount up to $510,400
- You may use a conventional loan to finance a property in a high-cost area
- 15 & 30 years fixed rate
- Down payments as low as 3% depending on your loan amount
- Fixed-rate financing for easier budgeting
- Homebuyer education is required for first-time buyers
- 2Y Full Documentation
- Loan Amount up to $3mm
- Max Cash in Hand $500,000
- 80% LTV
- FICO 700
- Primary residence, Second home & Investment
- Cash-out allowed up to 80% LTV
- 30 Year Fixed
- Traditional Income Docs
- Loan amount up to $3mm
- 90% LTV
- 599 FICO
- Condo 80% LTV
- Cash out up to 70% LTV
- Super Prime & Prime Access Programs
- Dropped Super Prime up to 0.25%
- Prime is now 2.125% lower
- DSCR reduced 0.5 across the board