Home Ready

Home Ready is a Fannie Mae program that provides affordable home financing for low- to moderate-income borrowers, with expanded eligibility for homes in designated low-income, minority, and disaster-impacted communities. 

Program Benefits

  • Low Down Payment. Up to 97% financing.

  • Flexible sources of funds. Gifts, grants, and cash-on-hand are acceptable for down payment and closing costs on one-unit properties, with no minimum contribution required from the borrower's own funds. 

  • Reduced Mortgage insurance requirements, which help keep payments affordable. Even no MI options available.

  • The occupant borrower on a Home Ready Loan is allowed to own other residential properties. 

Program Eligibility

  • No first-time homebuyer requirement, but homebuyer education is required for at least one borrower when all borrowers are first-time homebuyers, or when property is 2-4 unit primary residence.

  • Lower-cost mortgage insurance (MI) at 25%; lender-paid MI is an available option. 

  • Can be used for purchase and no-cash-out refinancing.

Property Types

  • 1-unit single-family primary residence, including condo and planned-unit-development (no manufactured) Loan-to-Value less than or equal to 97%.

  • 2-4 Units Loan-to-Value less than or equal to 95%

Contact us today to see if a Home Ready Loan is the solution you've been looking for to make your dream of homeownership come true. 

Sample loan scenario: $250,000 purchase price, $242,500 loan amount, 3% down payment, $1,626.04/month (PITI), 30-year fixed 4.625% interest rate, 5.406% APR. Please contact Community Lending Group for more information. Fannie Mae’s HomeReady Mortgage Program replaced the agency’s MyCommunityMortgage Program. All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.

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Josh Thomas NMLS #314438 | UT #5540196 | Corp NMLS #2727