The HomeReady™ loan is a Fannie Mae program, but the differences between the standard Fannie Mae programs and the HomeReady™ program are quite vast when you consider the income requirements. The HomeReady™ program was created in order to help borrowers that would qualify for a loan based on their Read more
Maximum Seller Contributions on HomeReady™ Loans
HomeReady™ loans make it possible for a large variety of people to obtain Fannie Mae financing that would otherwise be ineligible for the program. The program focuses on borrowers that have excellent credit, but have other issues that would otherwise prevent them from obtaining the loan. Typically, Read more
Including Non-Borrower Household Members for HomeReady™ Loan Qualification
HomeReady™ loans are among the only loans that allow you to use non-borrower income in order to get approved for a loan. This income does not get included as your qualifying income, but rather as a compensating factor. Think of it as reserves that would help you get approved for a conventional loan Read more
HomeReady™ Mortgage Reserve Requirements
The HomeReady™ loan provides borrowers with the ability to obtain a home loan if they have great credit, yet not enough income to qualify their debt ratio. People in this situation are usually left without a home loan, at least a conventional loan, because their debt ratio exceeds the 43% maximum Read more
Fannie Mae HomeReady™ Income Limits
The HomeReady™ loan gives borrowers a chance to become a homeowner that would otherwise be unable to get approved for a conventional loan. This Fannie Mae program provides loans for borrowers that live in low income and high minority census tracts. The key difference with this program is that it Read more
