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Financing designed to put homeownership within your reach

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.

Key Features and Benefits:

  • 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.

Estimate your monthly payment

Update the information below to estimate your monthly payment

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Private Mortgage Insurance typically costs between 0.5% to 1% of the entire loan amount over 80% LTV on an annual basis.

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Your Monthly Payment

$1,512.46

Your Payment

Monthly Principal & Interests : $1145.80

Monthly Real Estate Taxes : $316.67

Monthly Insurance : $66.67

Monthly PMI : $0.00

Total Monthly Payments : $1529.13

Additional Information

Loan To Value Ratio : 80.00%

Months With PMI : 0 months

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