come from flexible sources - you could be
"HomeReady"
A HomeReady mortgage can put homeownership within reach for those with modest savings. It works for you by making mortgage requirements more accessible and supporting responsible homeownership for the long run.
What is the down payment?
Your down payment can be as low as 3%.*
Can gifts or grants go toward my down payment?
Yes, funds you've received as gifts from relatives, grants from organizations and more can be used towards your down payment and closing costs. Assistance funds might also be available to you. Check with your local housing finance agencies, non-profit agencies and employer to find assistance programs. Ask us for more details.
Are there income eligibility requirements?
To make sure we are serving the borrowers and communities in the most need, there are income limitations in certain areas. Ask us for more information about how this applies to you and your future home.
Can I use this loan to finance an investment property or second home?
To be eligible for a HomeReady mortgage, the home must be your primary residence. Ask us about our extensive mortgage offerings so that we can help you find one that's perfect for your additional property needs.
Does this loan offer homebuyer education?
Yes. In fact, a HomeReady mortgage requires that at least one borrower on a purchase transaction complete the online Framework®
homeownership course prior to closing. Professional homeownership advisors are also on hand to provide personalized advice to help you become a successful homeowner.
Do I have to be a first-time homebuyer?
No. Repeat homebuyers and homeowners looking to refinance can also take advantage of a HomeReady mortgage.
Will I need to pay private mortgage insurance?
Maybe. You can take advantage of making a down payment of as little as 3% of the purchase price. But if your down payment is less than 20%, you must pay private mortgage insurance (PMI), generally as part of your monthly mortgage payment. PMI may be cancellable once you reach 20% equity in your home - saving you money in the long run.**
* 97% LTV can use any fixed rate term
** Restrictions apply
HomeReady® is a registered trademark of Fannie Mae