The Fannie Mae HomeReady program gives low-to moderate-income borrowers more opportunities to own their first home, including flexible credit terms and a low down payment.
-As little as 5% down payment
-Boarder Income and Non-borrower Household Income allowed
-Available for owner occupied, 1 to 4-unit properties
-Loan Amounts up to $636,150
-Up to 50% debt to income ratio
-Credit scores as low as 700
-Homeownership education course is required
-Income limits apply. Check HUD Area Median Income Limits for income eligibility.
-Programs available only to qualified borrowers. Programs subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply.