Fannie Mae HomeReady™
What is the NEW HomeReady program? The new HomeReady program through Fannie Mae will provide home buying opportunities to potentially underserved consumers. This program is designed for creditworthy, low-to-moderate income borrowers with less restrictive income eligibility requirements for properties.
Great program if you are also a first time home buyer, saving for a down payment is often a large hurdle standing in the way of achieving the goal of homeownership. It may take many years to save 5 or 10 percent of the purchase price, and you may not want to deplete your savings to the extent required for a large down payment. Through this program we can not only help you save for your down payment but you can make a lower down payment without having Private Mortgage Insurance (PMI).
Here are a Few Basics:
- Low down payment. Purchase financing up to 97% available.
- No minimum borrower contribution for one unit properties. Lots of flexibility in the sources of funds that can be used for the down payment and closing costs.
- Simple home buyer education. Required training that helps ensure buyers are informed and prepared for homeownership can be accessed easily online. Borrowers will also have access to post purchase support for the life of the loan with the goal of creating sustainable homeownership opportunities.
We are very excited to offer the HomeReady program to you and help make home buying a reality. Please stay tuned for future updates in the coming months.
For more information please contact a Mortgage Representative at 800-963-1937.