Maximum loan amount $484,350. Over this limit, the loan is a JUMBO loan.
3% to 5% minimum down payment options.
Credit score 620+. Higher credit scores typically result in a better interest rate and lower mortgage insurance costs.
Non-occupant Co-borrowers and gifts are allowed.
Fannie Mae - HomeReady
3% down payment available.
Discount Mortgage Insurance.
Expanded debt ratios.
No minimum borrower funds required for down payment.
Gifts, grants, down payment assistance programs, and 2nd's allowed.
Non-occupant borrowers allowed (max 95% LTV).
No reserves required.
No first time homebuyer requirements.
The occupant borrower may own other residential properties.
Boarder income (relatives or non-relatives): up to 30% of qualifying income; documentation for at least 9 of the most recent 12 months (averaged over 12 months) and documentation of shared residency for the past 12 months.
Accessory dwelling units: Rental income may be considered in qualifying the borrower per rental income guidelines.
Minimum Credit Score 620.
Home ownership education required, cost $75.
Limits defined by areas, no limits in low-income census tracts.
Household income is not required.
Non-borrower living in home income may be included.
Innovative new feature that supports extended family households, will consider income from a non-borrower household member.
Boarder income permitted documentation of at least 9 of the most recent 12 months, up to 20% of qualifying income.
LTV - Loan to Value
Purchase: 97%, High-Balance – 95%, Manual underwriting 95%
Limited Cash-Out Refinance:
FNMA owned mortgages up to 97% LTV/ CLTV up to 105% with eligible Community Second Assistance Program.
DU and manual underwriting to 95%.
Permitted to maximum 95% LTV in DU; 90% LTV manual with max 43% DTI for occupying borrower.
Income considered as part of qualifying income and subject to income limits.
No limitation on ownership of other property for non-occupant borrower.
Guidelines change frequently, therefore, we do not guarantee accuracy. Above is provided as a reference, to be confirmed with our team. Subject to change without notice.