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.