Fannie Mae Home Ready

What is Fannie Mae HomeReady?

Fannie Mae HomeReady is a homeownership program designed to help low to moderate-income borrowers purchase homes, offering flexible eligibility criteria and low down payment options. This initiative aims to expand access to affordable mortgage financing and promote sustainable homeownership for individuals and families.

Reasons to Choose Fannie Mae HomeReady

1. Flexible Eligibility: Fannie Mae HomeReady provides flexible eligibility criteria, making it easier for low to moderate-income borrowers to qualify for a mortgage and purchase a home.
2. Low Down Payment: This program offers low down payment options, reducing the initial financial burden for homebuyers and enabling more individuals to enter the housing market.
3. Homebuyer Education: Fannie Mae HomeReady requires homebuyer education, providing valuable resources and knowledge to help borrowers make informed decisions throughout the homebuying process.
4. Income Flexibility: With income flexibility features, this program allows for non-borrower household income contributions, enhancing the affordability of homeownership for qualified applicants.

Advantages of Fannie Mae HomeReady

1. Affordable Financing: Fannie Mae HomeReady offers affordable mortgage options, empowering individuals and families with limited financial resources to achieve their dream of homeownership.
2. Support for Marginalized Communities: By focusing on expanding access to homeownership for low to moderate-income borrowers, Fannie Mae HomeReady plays a key role in promoting economic equity and housing equality.
3. Flexible Terms: This program provides flexible mortgage terms and features, catering to the diverse needs of homebuyers and ensuring that borrowers can find financing solutions that suit their financial circumstances.

HomeReady Mortgage Program Details

1. Minimum FICO Score: 620
2. Up to 97% Combined Loan-to-Value (CLTV)
3. Loan amounts up to $766,550
4. Debt-to-Income Ratio (DTI) up to 50%
5. Primary residence qualification
6. Homebuyer education required for first-time buyers
7. Temporary rate buydowns available
8. Gift funds allowed
9. Cancelable Mortgage Insurance

Start Your Homebuying Journey with Fannie Mae HomeReady

Embark on your path to homeownership with Fannie Mae HomeReady, a program that offers affordable mortgage options and flexible eligibility criteria to empower you in purchasing a home. Contact our team at Prime Home Loans, Inc. to explore the opportunities available through Fannie Mae HomeReady and take the first step towards securing your future in a place you can call your own.