The first-time homebuyers help guide to HomeReady mortgage loans
HomeReady is the identity from Fannie Mae’s 3% down-payment home mortgage. It’s an inexpensive home loan program to have basic-time homebuyers that is and open to recite consumers and established property owners for re-finance.
Federal national mortgage association circulated HomeReady inside the 2014. The application replaced the fresh agency’s MyCommunity Mortgage system, which was limiting and you will limiting. HomeReady composed the fresh, flexible, affordable homeownership choices for lowest- and you can reasonable-earnings buyers; it allows for the absolute minimum deposit out-of step three% and you may subsidizes financial rates and mortgage can cost you.