HomeReady™ mortgages from Fannie Mae are meant to help borrowers with low-to-moderate incomes buy or refinance a home. These loans reduce the typical down payment and mortgage insurance requirements. They’re also more flexible with co-borrower requirements, including allowing co-borrowers who won’t be living in the home. For example, parents can co-sign a loan to help their adult children get approved.
Down payments as low as 3%.
Credit scores as low as 620 are accepted.
Permits family or friends to co-sign the loan.
Several property types are allowed, including single-family homes, 2-4 unit properties, modular homes, condominiums and homes in Planned Unit Developments (PUDs).
Properties in high-cost areas may qualify.
Homebuyer education is required.
Update the information below to estimate your monthly payment
Private Mortgage Insurance typically costs between 0.5% to 1% of the entire loan amount over 80% LTV on an annual basis.
Monthly Principal & Interests : $1145.80
Monthly Real Estate Taxes : $316.67
Monthly Insurance : $66.67
Monthly PMI : $0.00
Total Monthly Payments : $1529.13
Loan To Value Ratio : 80.00%
Months With PMI : 0 months