The Fannie Mae HomeReady program has a variety of options to help low- to moderate-income borrowers purchase or refinance their home, including flexible income sources and low down payment options.


·          Income Eligibility based on Area Median Income (AMI)

·          No limit in income census tracts

·          100% of AMI in all other areas

·          LTV up to 97% / CLTV up to 105% with Community Seconds®

·          No first-time homebuyer requirement

·          Credit scores as low as 620

·          Owner-occupied 1-4 Units, Condos, Manufactured Housing and PUDs

·          For single family residences, there is no minimum borrower funds contribution (may use gifts, grants, Community Seconds, and cash-on-hand)

·          Non-occupant borrower income is allowed as qualifying income to 95%

·          Accessory unit rental income and rental income from boarders may be used for income qualification 

·          Homeownership education course required, for purchase transactions. 

·          Pricing advantages compared to standard programs:

·          No loan level price adjustments if LTV >80% and Credit Score =680 (both must apply)1

·          Maximum 1.500 LLPAs for all other scenarios1

·          Reduced MI compared to standard programs for LTVs >90%

Kris Czelusniak
Kris Czelusniak
12276 San Jose Blvd Ste 206 Jacksonville FL 32223