HomeReady Mortgage by Fannie Mae

HomeReady® Mortgage by Fannie Mae

Our low down payment mortgage designed to help lenders confidently serve today’s market of creditworthy low- to moderate-income borrowers.

Guidelines Summary

  • Borrower is Not required to be a First Time Home buyer.
  • Financing up to 97% LTV /105% CLTV.
  • Lower MI coverage, affordable and cancellable
  • Gift, Grants, Community Seconds and cash on hand permitted.
  • Non-Traditional Credit is permitted.

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

See more about the guidelines for the HomeReady® Mortgage here.