Fannie Mae HomeReady
If you’re looking to buy a home and have a good credit history and a stable job, but don’t have much saved for a down payment, you might be interested in the Fannie Mae HomeReady® mortgage. HomeReady is a program that offers fixed-rate mortgages for affordable housing, specifically designed for individuals with low-to-moderate incomes. You can qualify with as little as a 3% down payment or get financing for up to 97% of the home’s value.
Learn more about HomeReady resources and updates: Fannie Mae HomeReady
Disclaimers: This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Credit and collateral are subject to approval. Equal Housing Lender.
Is HomeReady right for you?
- No need to meet an income level to qualify if you live where the median tract income is no greater than 80% AMI.
- Must make 100% of Area Median Income for properties in high minority census tracts and designated disaster areas to qualify.
- Must make at least 80% of Area Median Income for all other properties to qualify.
- Mortgage insurance coverage lower than the standard requirement for LTV ≥ 90.01% to 95% on terms greater than 20 years.
- Gifts, grants, Community Seconds, and cash-on-hand permitted as a source of funds for down payment and closing costs.
When you need a loan above the conforming limit, a Jumbo loan may be the answer.
If you’re prepared to make a home purchase in one of the country’s most expensive housing markets, you likely encounter a combination of factors including limited housing supply, soaring demand, and frequently encountered prices exceeding the $1 million mark.
Jumbo loans, which fall under the category of non-conforming loans, provide an opportunity in many housing markets to purchase a home valued above the “conforming loan” limit of $647,200, which is set by Fannie Mae and Freddie Mac. Non-conforming loans encompass any loan that surpasses this funding threshold.
In certain high-priced markets, the minimum financing requirement begins at $822,375, reflecting the elevated property values in those specific areas.
If you’re looking for home in a high-priced area, contact us to discuss Jumbo loan options today!
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Options that are affordable, in high-cost areas
If you’re eyeing a purchase in a high-cost area or a location where properties often surpass the annual loan limits established by the Federal Housing Finance Agency, our high balance mortgage loans could be the ideal solution for you. At Success Mortgage Partners, we provide high balance loans through both conventional and government home loan programs.
High Balance Financing for High-Cost Areas
- Competitive interest rates
- Loan amounts exceeding $484,350 and up to $726,525 for 1-unit properties in designated high-cost areas.
- Primary residence, second/vacation home, and investment property options Condo financing available
- Primary residence, second/vacation home, and investment property options
- Condo financing available