Fannie Home Ready

Fannie Mae’s Home Ready loan program is great for buyers who meet income guidelines, don’t own any other properties and want a conventional low down payment program to purchase a single family owner occupied property.

Highlights of the program are:

**no First time buyer requirement

**at least 1 borrower must take a Fannie Mae homebuyers counseling class

**3% down payment, lower than FHA’s 3.5% required down payment

**Loan level price adjustments waived for credit scores 680+ & 80%LTV+

**must be at or below AMI guidelines

**available for up to 95% loan to value rate/term refinances on single family, owner occupied homes

**conventional loan- Mortgage insurance is cancellable, unlike FHA

 

Call your lender today to see if you qualify for Fannie Mae’s Home Ready program to purchase your new home.

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About lizschneider66

Mortgage consultant with over 18 years experience. First time buyers, move up buyers, construction, FHA/VA, Jumbo loans, investment property purchases, & refinances- I will find the solution to financing the American dream of homeownership! Subscribe to my blog and never miss any mortgage industry news.
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