PRINCETON WHOLESALE PRODUCTS
Homeownership Made Possible To Buyers With Limited Household Incomes
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.