Home Ready

Home Ready2018-12-31T19:39:04+00:00

What is Home Ready®?

Home Ready® is a Fannie Mae program that provides affordable home financing for low – to moderate – income homebuyers, with expanded eligibility for homes in designated low-income, minority, and disaster-impacted communities.

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Program Benefits and Eligibility:

  • Down payment: Low down payment.

  • Increased income limits. Effective June 23, 2018, income limits increased by about 5% to help more homebuyers qualify.

  • Expanded eligibility for homes in designated low-income and minority areas.

  • Flexible sources of funds. Gifts, grants, and cash-on-hand are acceptable for down payment and closing costs on one-unit properties, with no minimum contribution required from the homebuyer’s own funds.

  • Expanded eligibility for homes in designated low-income and minority areas.

  • The occupant homebuyer on a HomeReady Loan is allowed to own other residential properties.

  • No first-time homebuyer requirement, but homebuyer education is required.

  • Income from non-borrower household members will be considered as a compensating factor. Rental unit and boarder income is allowed.

  • Non-occupant borrowers (like a parent) are permitted.

If this sounds like a good fit for you and you’re ready to learn more, click below and tell us more about yourself.

We’ll have the nearest Academy Mortgage Loan Officer reach out to you and help you find the best solution for you and your homebuying dreams. We look forward to answering your questions!

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