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.