Fannie Mae HomeRead Mortgage

The Fannie Mae HomeReady Mortgage is designed to help creditworthy borrowers with lower to moderate incomes obtain an affordable mortgage with reduced closing costs. One of the most innovative features of the HomeReady Mortgage is that income from a non-borrower household member may be used for qualification. Another feature of this program is that co-borrowers are not required to live in the home, so a relative or other individual may assist with the home purchase.

Program Highlights:

  • 3% Down Payment
  • Lower mortgage insurance requirements
  • No minimum borrower contribution*
  • Extended household income can be used for qualification
  • Not limited to first time homebuyers**
  • Homeownership Education course required
  • Gifts, grants, and cash-on-hand permitted as a source of down payment and closing costs*

*Applies to 1-unit properties only **
Borrower cannot own other real estate at time of closing

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