HomeReady®

The HomeReady® program by Fannie Mae offers expanded eligibility to help more buyers achieve home-ownership and provides reduced mortgage insurance.

Highlights & Terms

  • Minimum down payment of 3%
  • No cash-out refinance option is available for borrowers who occupy the property
  • Flexible sources of down payments
  • For purchase transactions secured by 1-4-unit primary residences, if all borrowers are first-time home-buyers, at least one occupying borrower must participate in a home-ownership education program

Guidelines & Consideration

  • Property options include 1-4 units, condos and planned-unit developments
  • Borrower’s income cannot exceed 80% of Area Median Income unless the property is located in low-income area
  • Second home and investment properties are not eligible
  • Minimum credit score 660

HomeReady® is a registered trademark of Fannie Mae.

READY TO GET STARTED?

Fill out the form below and I will contact you about this program and other options available for first time buyers.

NOTE: First Home Mortgage Corporation does not share or sell your personal information with outside companies for promotional use.

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