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
- Full Documentation
- Primary residence & Second home
- 80% LTV
- 720 FICO (80% LTV)
- Cash out allowed up to 65 LTV
- Traditional Income Docs
- Loan amount up to $2mm
- 80% LTV
- 680 FICO (80% LTV)