HomeReadyTM by Fannie Mae is designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities nationwide.
Borrower Benefits: Accessible and Sustainable Financing
• Low down payment. Up to 97% financing for purchase of a primary residence (1-unit properties).
• Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).
• Extended-income household (EIH) may allow non-borrower income to be considered when qualifying the borrower for the mortgage.1
• Lower than standard MI coverage requirements for loans with loan-to-values (LTV) greater than 90%, up to 97%.
• Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership. The required training offers an easy-to-use, online course provided by Framework.
HomeReadyTM is a trademark of Fannie Mae.
1. Non-borrower income must be at least 30 percent of the total monthly qualifying income being used by the borrower(s).
For more Information:
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Licensed by the Delaware State Bank Commissioner. Also licensed in District of Columbia, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsu eraccess.org/) ©2016 Prosperity Home Mortgage, LLC. All Rights Reserved.