HomeReady, a program by Fannie Mae, is designed to serve credit-worthy low-income 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 $548,250
- You may use a conventional loan to finance a property in a high-cost area
- 15, 20, 25 & 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
- Min. FICO 660
- Up to 89.99% LTV
- 15 & 30 Year Fixed up to $3mm
- Cash out up to 89.99% LTV
- Manual UW for over $2mm
- DU Approve/Ineligible
- No Mortgage Insurance required
- Primary, Second Home and Investment properties are allowed
- Purchase, Rate/Term Refinance and Cash Out Refinance
- Delayed financing is available up to 180 days
- No Overlays on Reserves, Credit and Tradelines – per DU
- Income as per DU
- FICO 580
- 90% LTV
- Loan Amount up to $4mm
- Max Cash in hand $1,000,000, no limit for LTV < 55%
- Cash out up to 80% LTV
- Traditional Income
- 2Y Credit Event allowed
- Super Prime & Prime Programs
- Condo up to 90% LTV
- Condotels allowed