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​HomeReady, Fannie Mae’s enhanced affordable lending product. Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

Key Features:
  1. Up to 97% financing (1-unit purchase)
  2. No minimum borrower contribution (1-unit properties)
  3. Allows for flexible sources of funds for down payment and closing costs (gifts, grants, Community Seconds®, and cash-on-hand)
  4. Required homeownership education through a simple online course provided by Framework Flexibilities
  5. Non-occupant borrowers allowed (max 95% LTV in DU®) – income is considered part of qualifying income and subject to applicable income limits
  6. Innovative new feature that supports extended family households: will consider income from a non-borrower household member
  7. Compensating factor in Desktop Underwriter Automated Underwriting System allows for a debt-to-income (DTI) ratio higher than 45%, often up to 50% with compensating factors such as:  
  • Non-borrower income must be at least 30% of the total monthly qualifying income being used by the borrower(s). (Note: Income from more than one non-borrower household member may be considered.)
  • Non-borrower household members may be relatives or non-relatives.
  • Non-borrowers must document their income and sign a statement of intent to reside with the borrower(s) for a minimum of 12 months. Documentation required only if DU determines the non-borrower income will provide a benefit. (See optional Fannie Mae Form 1019.)
     8. Rental income from accessory dwelling units may be considered in qualifying the borrower (per rental income guidelines)        9. Lower than standard mortgage insurance coverage – 25% for LTVs above 90% to 97%


Home Ready Fact Sheet.


Income Eligibility Look Up Tool.


​Overview Video (Fannie Mae website link).


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Deneen Bernard: NMLS: 207094
Motion Mortgage: NMLS: 358334

Office: 540-424-5700
Direct:  540-376-4194

Fax: 866-700-0278


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