Home Ready by Fannie Mae

Homeready is an affordable, low down payment mortgage product design for credit-worthy low-to-moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.

Benefits
# Low down payment semicolon 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 are >80% with a credit score greater to or equal than> 680)
Borrowers
# Have low to moderate income
# Are first time or repeat home buyers
# Have a credit score greater to or equal than >620 ; borrowers with credit scores greater to or equal than> 680 may it better pricing
# Have supplemental border or rental income
# Are looking to purchase or refinance
Visit fanniemae.com/homeready for more details
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