HOMEREADY™

FNMA has introduced a new Affordable Lending Product, HomeReady™. This program is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

PROGRAM HIGHLIGHTS

• 30 Year Fixed Rate, Primary Residence Only

• 97% Maximum LTV/CLTV with a 620 FICO®

• 1-4 Unit Single Family, PUD, Condo Eligible

• Purchase and Rate & Term Refinance Available

• Maximum Qualifying Ratio of 50%

• No Minimum Borrower Contribution Required – Gifts Allowed

• Homebuyer Counseling Required

• Mortgage Insurance Required

BORROWER INCOME LIMITS

• No income limits for properties located in low-income census tracts

• Loan amounts up to $400,000**

• 100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas

• 80% of AMI for all properties