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HomeReady is the identity off Fannie Mae’s step three% down-payment mortgage. It’s an easily affordable financial program to have very first-time homebuyers that’s and available to repeat buyers and you will existing property owners for re-finance.

Fannie mae released HomeReady within the 2014. The applying replaced new agency’s MyCommunity Mortgage program, that has been restrictive and you may restricting. HomeReady created the fresh new, versatile, sensible homeownership options for lower- and you can moderate-earnings customers; it permits having the absolute minimum advance payment away from 3% and you will subsidizes mortgage cost and you will mortgage will cost you.

That has qualified to receive the fresh Federal national mortgage association HomeReady mortgage?

• You must invade the home you will be capital. HomeReady is actually for primary residences simply. Home buyers cannot use it to invest in a holiday family, Airbnb assets or some other variety of money spent. Co-signers are permitted, and at minimum one individual listed on the home loan need live in the assets.
• Your house should be a home. HomeReady is actually for affixed or detached single-family unit members houses, and additionally townhomes, apartments, rowhomes and you may multi-tool property out-of four units or a lot fewer. (више…)