HOMEREADY™

FNMA has introduced a new Affordable Lending Product, HomeReady™. This program is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

PROGRAM HIGHLIGHTS

30 Year Fixed Rate, Primary Residence 

Only 97% Maximum LTV/CLTV with a 620 FICO® 

1-4 Unit Single Family, PUD, Condo Eligible 

Purchase and Rate & Term Refinance Available 

Maximum Qualifying Ratio of 50% 

No Minimum Borrower Contribution Required – Gifts Allowed 

Homebuyer Counseling Required 

Mortgage Insurance Required  

BORROWER INCOME LIMITS 

No income limits for properties located in low-income census tracts 

Loan amounts up to $400,000** 

100% of area median income (AMI) for properties located in high-minority census tracts or designated disaster areas 

80% of AMI for all properties