HomeReady 3% Down
HomeReady is a Fannie Mae program which is a low down payment mortgage for creditworthy, low to moderate-income borrowers.
The biggest challenge faced by new home buyers is overwhelmingly the down payment. You’re not alone if you’ve ever thought you could never save enough money for a down payment. HomeReady can help!
Borrower Benefits and Program Details
- Borrower is not required to be a first time buyer
- Available for purchase or no cash out refinance
- 3% down for single family homes
- 5% down for 2-4 unit properties
- Up to 97% financing for refinances
- Primary Residences, 1-4 units, Condos and Planned Unit Developments
- Reduced Mortgage Insurance offered on this program
- Minimum FICO score of 620
- A great alternative to FHA financing (unlike government-insured loans, with borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%).
- Cash for down payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds, with NO minimum personal funds required
- Innovative underwriting flexibilities expand access to credit responsibly. Flexibilities include rental unit and boarder income.
- Non-occupant borrowers permitted
- Income eligibility limits apply
Why would I take a HomeReady 3% down loan as opposed to a HomePossible 3% down loan?
Both programs have a lot in common but have subtle differences that can make an impact in qualifying for a mortgage. Contact us to determine the best program for you lending needs.
PLEASE NOTE: LOAN PRODUCTS AND THEIR GUIDELINES CAN CHANGE AT ANY TIME.
DISCLAIMER: This is not an offer to make a loan or to make a loan on any particular terms. All loan applicants must qualify under underwriting requirements and satisfy all contingencies of loan approval. Rates and terms subject to change without notice. Norcom Mortgage NMLS ID # 71655 (www.nmlsconsumeraccess.org)