- Fannie Mae’s HomeReady product is a low-down payment fixed-rate 30-year mortgage product designed for eligible low-to-moderate income borrowers.
- HomeReady mortgages offer low down payment options with up to 97% LTV financing for home purchases. Homebuyers are required to complete homeownership education workshops and work directly with a HUD approved counseling agency. As with standard secondary market products, HomeReady loans with LTVs in excess of 80% are required to have private mortgage insurance. Fannie Mae has lowered the required private mortgage insurance coverage on HomeReady eligible loans resulting in lower monthly payments for the consumer.
- To encourage homeownership in low-income census tracts, Fannie Mae has no borrower income limits. In all other census tracts, income is limited to 100% of area median income.
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