Rooftop of a house


HomeReady™ loan from Fannie Mae offers options and flexibility

The recently introduced Fannie Mae HomeReady™ Mortgage was created based on research conducted with homebuyers and lenders such as HomeTrust Bank. It considers many financial challenges faced by home buyers, and offers lower mortgage rates than other conventional home loans.

You may be facing some of those challenges. Perhaps you have large student loans, receive income from nontraditional sources or can’t afford a significant down payment. Our mortgage experts can explain this new mortgage program to help you determine if it’s a good choice for your financial needs.

These mortgages can be used for:

  • Single family homes.
  • Condominiums.
  • 1-4 unit homes.
  • Home loan refinance (no cash outs allowed).

HomeReady mortgages also include expanded, more open eligibility guidelines.

HomeReady guidelines

  • Income is now considered from extended family living in the household who are NOT borrowers, so multi-generational households can help the buyer qualify.
  • All borrowers no longer have to reside in the home being purchased. For example, parents can be a co-borrower on their children’s loan.
  • First time and repeat buyers can get a down payment as low as 3%.
  • Additional income sources such as rental payments may be considered.
  • Expanded debt to income ratios may be considered under the HomeReady program.

To help buyers prepare for buying and owning a home, the HomeReady mortgage program includes a required education component. You can complete an online course in 4-6 hours, or you can receive one-on-one advising through a HUD-approved counseling agency. Our mortgage experts are happy to refer you to an agency that meets these requirements.

You can receive HomeReady loans with flexible terms. Let our mortgage experts help you get pre-approved now!