The HomeReady® program was created by Fannie Mae to address financial challenges experienced by many borrowers. Features of the program are designed to offer expanded eligibility for sustainable homeownership. First-time and repeat homebuyers can purchase a home with a down payment as low as 3% of the purchase price.
Other features include reduced mortgage insurance coverage requirements, flexible sources of income with no minimum contribution requirement from the borrower’s own funds on 1-unit properties and expanded debt-to-income ratios. This enhanced affordable loan is designed to meet the diverse financial needs of responsible, creditworthy borrowers.
Learn More About HomeReady® Loans