About The HomeReady™ Mortgage
HomeReady™ is a mortgage program created in December 2015. It’s backed by the U.S. government via Fannie Mae and available via most U.S. lenders.
Via HomeReady™, households in lower-income neighborhoods and in minority-heavy areas can get easier access to low-downpayment mortgages at today’s current rates.
HomeReady™ allows a downpayment of just 3% on a home and permits the “income pooling” for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan.
For many families, this can mean the difference between getting approved for a loan and getting turned down.
HomeReady™ can also be used for a refinance, allowing up to 97% loan-to-value (LTV) in some cases.
In order to be eligible for the HomeReady™ program:
- You must not be an owner of another residential property in the United States
- You must agree to complete a 4-6 online homeowner counseling course
If you can meet these two criteria, you may be HomeReady™-eligible.
This is for information purposes only and is not an advertisement to extend customer credit. Program rates, terms and conditions are subject to change at any time.