HOMEREADY, THE FLEXIBLE LOAN PROGRAM DESIGNED BY FANNIE MAE, MAKES HOMEOWNERSHIP POSSIBLE TO YOUR BUYERS WHO MAY HAVE LIMITED HOUSEHOLD INCOMES.
HomeReady mortgages from Fannie Mae are a Conventional loan option for borrowers looking to purchase or refinance a home with limited household incomes.
Some of the features your borrowers will enjoy are low down payments on purchases, limited equity on refinances, reduced mortgage insurance requirements, and greater co-borrower flexibility.
Talk to one of our Underwriters using Ask Underwriting to learn more.
Use Fannie Mae's Area Median Income Lookup Tool to find out if a subject property meets county loan limit requirements for HomeReady.
TO QUALIFY FOR HOMEREADY
For your borrower to qualify for Princeton's HomeReady program, they must meet the following criteria:
Total annual qualifying income may not exceed 80% of the AMI for the property’s location
First mortgage, purchase money, or limited cash-out refinance transaction for one- to four-unit properties used as the borrower’s principal residence.
Eligible properties include:
one-unit properties, including manufactured housing, and units in condos and PUDs;
existing structures and new construction; and
two-, three-, and four-unit properties.