HomeReady® Mortgage

HomeReady® Mortgage - Fannie Mae

Ideal for borrowers that are:

- - - - Low income
        First-time or repeat homebuyers
        Limited cash for down payment
        Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
        Supplemental boarder or rental income
        Looking to purchase or refinance

Homeownership education completion is required for:

- - - - At least 1 borrower for purchase loans greater than 95% LTV when all occupying borrowers are first-time homebuyers, regardless of the mortgage product chosen.
        For HomeReady® and HFA Preferred™ purchase loans, if all occupying borrowers are first-time homebuyers, homeownership education is required for at least one borrower, regardless of LTV.
        For borrowers with no credit score, if all borrowers are non-traditional credit, completing homeownership education is required for at least 1 borrower, for all loans.

When homeownership education is required, a minimum of one occupying borrower must complete the Framework homeownership education course. In some situations, borrowers may need to fulfill the requirement in another way. Click here for a list of exceptions. Framework is available in English and Spanish, meets industry standards and consistently receives high marks from learners.

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HomeReady® Mortgage

HomeReady® Mortgage - Fannie Mae

Ideal for borrowers that are:

Homeownership education completion is required for:

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