Home Ready by Fannie Mae – Serving California, Colorado, Connecticut, Florida, Georgia, Illinois, Maryland, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, & Washington D.C.
HomeReady® is Fannie Mae’s affordable, low down payment mortgage product designed for creditworthy low- to moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.
HomeReady benefits:
- Low down payment; as little as 3% down for home purchases
- Flexible sources of funds with no minimum contribution from borrower’s own funds
- Non-occupant borrowers permitted
- Cancellable mortgage insurance (restrictions apply)
- Reduced MI coverage requirement for loan-to-value ratios above 90% (up to 97%)
- Pricing is better than or equal to Fannie Mae’s standard loan pricing (risk-based pricing waivers for LTV ratios > 80% with a credit score ≥ 680)
