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 
• 100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas 
• 80% of AMI for all properties