Low Down Payment Option
The HomeReady Loan is a Fannie Mae program for low-income borrowers with good credit. If you’re having trouble qualifying for a loan because you don’t have high enough income, but your credit report shows you’re financially responsible, this financing option may be a good fit.
- As little as a 3% down payment required
- A minimum FICO® Score of 620 and even better pricing for credit scores over 680
- Loans available for borrowers who make 80% or less of the area’s median income
- Loans available on 1 – 4 unit properties, but with varying down payment requirements on multi-units
- No minimum required contribution from borrowers for 1-unit properties, borrowers can use any source of funds for the down payment
- Lower mortgage insurance requirements than standard Fannie Mae loans and it’s cancellable at 80% loan-to-value ratio
- May include boarder or rental income for qualifying purposes
- A 3% down payment is required, but funds may come from other sources
- May use household income (non-borrower income) to qualify for the loan
- All buyers/borrowers must take a Home Buyer Education course (online and at your own pace)
- You must prove you have the income (from all sources) and stable employment to maintain the payments.
Other terms and conditions will apply. Contact a Mortgage Loan Originator for more information.
Call us today: (888) 379-0303
Four Landmark Sq. Suite 300
Stamford, CT 06901