HomeReady® by Fannie Mae
 

HomeReady® is a mortgage program created in December 2015. It's backed by the U.S. government via Fannie Mae and available via most U.S. lenders. The HomeReady® mortgage by Fannie Mae is a low down payment mortgage designed to help lenders confidently serve today's market of creditworthy low- to moderate-income borrowers. With HomeReady®, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds® - with no minimum personal funds required.  Via HomeReady®, households in lower-income neighborhoods and in minority-heavy areas can get easier access tolow-downpayment mortgages at today's current rates. HomeReady® allows a downpayment of just 3% on a home and permits the "income pooling" for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan. For many families, this can mean the difference between getting approved for a loan and getting turned down. HomeReady can also be used for a refinance, allowing up to 97% loan-to-value (LTV) in some cases. Give us a call today at 972-723-2611!
 

In order to be eligible for the HomeReady® program:

  1. You must not be an owner of another residential property in the United States
  2. You must agree to complete a 4-6  online homeowner counseling course

If you can meet these two criteria, you may be HomeReady™-eligible.

 

Cancellable Mortgage Insurance

Unlike government-insured loans, with HomeReady®, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road


 

Ideal HomeReady Borrowers

  • Have low to moderate income
  • Are first-time or repeat homebuyers
  • Have limited cash for down payment
  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Have supplemental boarder or rental income
  • Are looking to purchase or refinance


Fact Sheet
Why Choose HomeReady®?
Frequently Asked Questions

 
 

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Need More information

Call Us: (972) 723-2611

Email Us: info@mamsw.com

 

Licensing Info:

NMLS # 317299

RMLO # 222329

 

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