If you’re a homebuyer with a good credit history and a stable job, but not a lot saved for a down payment, the Fannie Mae HomeReady™ mortgage may be for you. HomeReady is a fixed-rate affordable housing program for low-to-moderate income borrowers with as low as a 3% down payment or up to 97% financing.
Advantages of a Fannie Mae Home Ready
- Low down payment. As low as 3% down payment for home purchase and refinance transactions.
- Affordable and cancellable monthly MI. Reduced MI coverage requirement above 90% LTV; cancellable MI per Servicing Guide policy.
- Flexible sources of funds. Can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit).