The original-time homebuyers self-help guide to HomeReady mortgages
HomeReady ‘s the identity away from Fannie Mae’s 3% advance payment mortgage loan. It’s an affordable mortgage program to have earliest-big date home buyers that’s and additionally offered to recite customers and you will current residents to have re-finance.
Federal national mortgage association circulated HomeReady inside 2014. The program changed the new agency’s MyCommunity Home loan system, which was restrictive and you can restricting. HomeReady composed the brand new, flexible, sensible homeownership choices for reduced- and moderate-income buyers; it allows for at least advance payment out of step 3% and you can subsidizes mortgage cost and you can mortgage costs.