HomeReady income limits will be implemented in Desktop Underwriter (DU) and in the HomeReady Income Eligibility Lookup tool during the weekend of June 23.
Click here for resources.
Unlike government-insured loans, with HomeReady, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road
|Required down payment||3%||3.5%|
|Cancellable mortgage insurance*||Yes||No|
|Immediate appraisal orders from lenders||Yes||No|
|Free from geographic restrictions on loan amounts||Yes||No|
|Day 1 Certainty™ freedom from reps & warrants available||Yes||No|
With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds ® - with no minimum personal funds required.
Not sure where to begin? Get started with these helpful resources.
Click here for down payment assistance resources. You will be taken to a third party website, not affiliated or endorsed by Fannie Mae.