HomeReady® income limits will increase in most areas on June 23, 2018!
HomeReady® is for low- to moderate-income borrowers, so the increased limits will help more borrowers qualify. Income limits will increase by about 5% in many areas.
HomeReady® benefits and features:
- 3% down payment
- Expanded eligibility for homes in designated low-income and minority areas
- Non-occupant borrowers (like a parent) are permitted.
- No minimum contribution required from the borrower's own funds.
- For first-time and repeat homebuyers.
- Additional conditions and requirements apply.
Fannie Mae’s HomeReady Mortgage Program replaced the agency’s My Community Mortgage Program. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.