For many homebuyers, finding their perfect house is the easy part – finding the right financing for their circumstances can be harder.
Fannie Mae’s HomeReady mortgage helps address the financing challenges of multigenerational households, such as parents, adult children, and others sharing a home, and low- and moderate-income households.*
HomeReady allows accessible financing and supports sustainable homeownership. Key features include:
Low Down Payment and Flexible Sources of Funds. Allows down payments as low as 3%, with no minimum contribution required from the buyer’s own funds (on 1-unit properties).
Conventional home financing with private mortgage insurance (PMI) that, unlike many government-insured loans, may be eligible for cancellation when home equity reaches 20%.
Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.
Underwriting Flexibilities. Through an innovative new feature that supports extended households, income from a non-borrower family member or other adult living in the household may be considered to allow for higher debt-to-income ratios.
Contact one of our lenders for more information about this program as well as others that could help you finally buy your new home.