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

Why choose our Fannie Mae HomeReady?

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

Fannie Mae HomeReady

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Program details

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Fast turnaround times

Disclosure

Underwriting

Closing

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Freddie Mac HomeOne

1Y + 2Y P&L