HomeReady® by Fannie Mae

This is a new and exciting loan program that is designed for all creditworthy borrowers with low to moderate income and an expanded eligibility for financing a home. These include non-occupant co-borrowers, boarder income, rental income as well as non-borrower household income. The advantages include:

  • A 3% down payment with no minimum borrower contribution.
  • Reduced private mortgage insurance (PMI) costs.
  • Borrowers can use income from a non-borrowing household member to help them qualify.
  • A roommates income can also help borrowers qualify.
  • Borrowers can also use income from non-occupant co-borrowers in order to qualify.
  • Gifts, cash on hand and payment assistance programs can be used as down payment sources.
  • Mother-in-law units or even basement apartments can be used as rental income.

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