HomeReady® Mortgages

 

HomeReady® is built for today’s home buyers. HomeReady® offers expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. This program is ideal for first-time home buyers.

 

Features of a HomeReady® Mortgage:

 

Extended households may help you qualify

If your household includes members who won’t be included on the mortgage – such as relatives or roommates – their income may help you qualify.

 

Others who don’t live in the home can join you on the mortgage

Co-borrowers on a HomeReady® Mortgage are not required to live in the home, so relatives or other individuals may assist you with your home purchase.

 

Low down payment option available

Ideal for home buyers who cannot afford to make a large down payment

 

Homeownership education to help you succeed

Convenient online education that prepares you to buy a home and own a home for the long run.

 

Savings over the life of the loan

With private mortgage insurance that may cost less over time – may be eligible to be cancelled once 20% home equity is reached, unlike mortgage insurance on government-insured loans.

 

HomeReady® is a registered trademark of Fannie Mae.