The high LTV ratios, low down payment requirements and overall flexibility offered from Fannie Mae’s HomeReady loan gives first time and repeat buyers/investors the opportunity to acquire the property you are looking for.
Minimum of 620 FICO
Up to 97% loan-to-value (LTV) financing and flexible sources of funds
Low down payment, starting at 3% for home purchases
Non-occupant borrowers permitted
If all occupying borrowers are first-time homebuyers, a Homeownership Education is required from at least one borrower
First-time or repeat homebuyers
Flexible sources of funds with no minimum contribution from borrower’s own funds
Cancellable mortgage insurance (restrictions apply
Supplemental boarder or rental income
Fannie Mae’s low down payment designed to help creditworthy low-income borrowers. HomeReady offers high loan-to-value (LTV) ratio financing to help homebuyers who would otherwise qualify for a mortgage but may not have the resources for a larger down payment.
HomeReady is available when purchasing or refinancing any single-family home, for borrowers who meet the income limits of the property location.