Fannie Mae HomeReady Mortgage
Fannie Mae HomeReady low-down payment mortgage is designed for creditworthy, low- to moderate-income borrowers.
- Low down payment – Up to 97% financing for home purchase with many borrower flexibilities
- Flexible source of funds – can be used for your down payment and closing costs with no minimum contribution required from your own funds. With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and other approved programs – with no minimum personal funds required.
- Conventional home financing with cancellable* monthly Mortgage Insurance (MI) – helps you save money; reduced MI coverage requirement above 90% LTV supports competitive payments
- Homeownership education – helps you get ready to buy a home and be prepared for the responsibility of homeownership. The Freddie Mac required homeowner education training is available online from Framework http://www.frameworkhomeownership.org
- For purchase and Rate Term Refi only
- Primary residence only
- Borrowers cannot own other property
- HomeReady does NOT provide Cash on Hand
- Non-occupant co-borrowers are not allowed
* restrictions apply