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
© 2023 www.gofilv.com - Joshua Nieves Lending Team - Merit Lending - Login
Mortgage Marketing by Media Simplified