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Fannie Mae HomeReady
Agency Products – Fannie Mae HomeReady®
HomeReady® by Fannie Mae is designed for creditworthy low-to-moderate income borrowers, offering expanded eligibility for financing homes in low income communities.
Guidelines
- 3% down payment for home purchase and refinance transactions
- Financing up to 97% LTV
- 680 minimum FICO
- Affordable and cancellable mortgage insurance
- Borrower is not required to be a first-time buyer
- Gifts, grants Community Seconds®, and cash-on-hand permitted as a source of funds for down payment and closing costs
- Supports HomeStyle® Energy, manufactured housing, and HomeStyle Renovation
The above is for informational use and may not include all applicable program guidelines. Other terms and conditions may apply.
Contact your representative or UnderwritingQuestions@BayviewLoanServicing.com for information on product flexibility and options.
It is the policy of Lakeview Loan Servicing, LLC and Bayview Loan Servicing, LLC to provide services without regard to race, color, religion, national origin, ancestry, age, sex, familial status, physical handicap, or disability. Lakeview Loan Servicing, LLC - NMLS #391521. Bayview Loan Servicing, LLC - NMLS #2469. This information is provided as guidance and illustrative purposes only and does not constitute legal or financial advice. We are not liable or bound legally for any answers provided to any business user for our process or position on an issue. If you have further legal or compliance questions for your company, please seek legal advice from Counsel or financial advice from a professional adviser. This information may change from time to time and at any time without notification. The most current information will be updated periodically and posted in the online forum. Use of this information is permitted for business users and is not intended for use by the general public or consumers. Not licensed for lending activities in any of the U.S. territories. Not authorized to originate loans in the State of New York.
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