The HomeReady mortgage is a conventional community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria.
The HomeReady mortgage is a standard product offering available to all Fannie Mae lenders. No special approvals are required.
Unless specifically permitted, the HomeReady mortgage may not be used in conjunction with negotiated variances in a lender’s Master Agreement. In addition, Fannie Mae, at its sole discretion, may impose volume limitations for HomeReady mortgage loans with any lender.
The table below provides references to the Announcements that have been issued that are related to this topic.