What is the HomeReady Program?

Formerly known as the “Community Mortgage” the HomeReady program provides assistance for home buyers to get the mortgage they need to purchase a home.

  • Loan Purpose:Purchase or Limited cash-out rate and term refinance
  • Occupancy is 1-4 units Principal Residence.
  • Loan to Value up to 97%
  • NO First Time home-buyer requirement
  • Adjustable rate and Fixed rate options available.
  • No Income Limits in low-income census tracts
  • 100% AMI (area medium income) census tracts or designated disaster areas
  • 80% of AMI in other tracts. Use this link to see your eligible AMI Ā https://www.fanniemae.com/singlefamily/mortgage-products
  • Occupant may not have an ownership interest in any other property at the time of closing
  • Non -Occupant borrowers are permitted at max 95% LTV, income can be considered as part of qualifying income. No property limitation on ownership of other property for the non-occupant borrower
  • Standard debt to income is 45%, in certain cases up to 50%
  • Home Ownership education is required and certificate must be retained in the mortgage file.

Learn about other Mortgage Assistance Programs Currently Available

First time buyer mortgage programs by state