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Fannie Mae HomeReady™ Mortgage
HomeReady Mortgage loans aren’t just for first-time homebuyers. Get the facts about HomeReady Mortgage loans and enjoy a 3% down and an easy approval process. Talk with a friendly Omega loan expert and we’ll find out if a HomeReady home loan is the right loan program for you.
- 3% down payment
- Cancellable mortgage insurance
- Easier qualification
- Low rates
- Quick approval and closing complete within 30 days
What is a Fannie Mae HomeReady™ Mortgage Loan?
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.
To learn more about HomeReady resources and updates, please visit: Fannie Mae Homeready
- You don’t need to meet an income level to qualify if you live where the median tract income is no greater than 80% Area Median Income (or AMI).
- Must make 100% of AMI for properties in high minority census tracts and designated disaster areas to qualify.
- Must make at least 80% of AMI for all other properties to qualify.
- Mortgage insurance coverage lower than the standard requirement for LTV ≥ 90.01% to 95% on terms greater than 20 years.
- Gifts, grants, Community Seconds and cash-on-hand permitted as a source of funds for down payment and closing costs.
Features & Highlights
- Low income
- First-time or repeat homebuyers
- Limited cash for down payment
- Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
- Supplemental boarder or rental income
- Looking to purchase or refinance