Make housing more accessible with $2,500 in down payment assistance for borrowers!

With a low down payment and expanded financing flexibility, HomeReady offers an ideal mortgage solution for borrowers whether they’re first-time or repeat buyers. To address some of the barriers to entry for low-income purchase borrowers, we are implementing a new $2,500 credit that can be used towards down payment and/or closing costs.

Qualifying Borrowers

Borrowers with a qualifying income of less than or equal to 50% of the applicable area median income (AMI) of the property’s location. Use the Income Eligibility Look Up tool to determine eligibility.* https://ami-lookup-tool.fanniemae.com/ 

How it is Provided

The $2,500 credit is provided upfront to the borrower and can be applied towards down payment and/or closing costs, including mortgage insurance premiums.

Please contact the Lock Desk if you have a borrower with a 50% or lower AMI that wants to use this program!

*On the HomeReady page, the Income Eligibility Lookup tool provides lenders and other housing professionals with a quick and easy way to determine potential borrower income eligibility. Simply use the tool to look up census tract income eligibility by property address or by Federal Information Processing Standards (FIPS) code.  Eligibility by census tract is shown in the Income Eligibility by Census Tract Lookup, and income eligibility is identified in Desktop Underwriter (DU)