HomeReady

Home ready is a Fannie Mae affordable loan product that serves low income borrowers. Some of it's benefits are:

▪ Lower than standard mortgage insurance (MI) coverage requirements.

▪ Cancellable monthly MI payments request when the loan balance drops below 80 percent LTV, or automatically when it drops below 78 percent.

▪ Innovative underwriting flexibilities.

▪ Lower down payment of about 3%.

▪ Gift funds, community second, seller contributions allowed.

Effective July 20, 2019, the income limit for all HomeReady loans is 80% of area median income (AMI) for the property's location, including properties in low-income census tracts.