Home Ready Program
Fannie Mae's HomeReady loan program makes homeownership more attainable for low- to moderate-income borrowers by offering lower down payment requirements (as low as 3%), flexible sources for down payment funds, and reduced mortgage insurance costs.
THE DETAILS:
Home Ready is a new loan program offered by Fannie Mae designed for creditworthy low to moderate income borrowers with expanded eligibility for financing a home, such as non-occupant co-borrowers, boarder income, rental income, and even non-borrower household income.
ADVANTAGES :
- Down payment as low as 3% with no minimum borrower contribution
- Lower private mortgage insurance costs
- Use income from non-occupant co-borrowers to qualify
- Down payment sources can include gifts, cash on hand, and down payment assistance programs
- Income from non-borrowing household members can help you qualify
- Boarder income (income from a roommate) can help you qualify
- Use rental income from the basement apartment or month-in-law unit