HomeReady mortgage program
E333114
The HomeReady mortgage program is a Fannie Mae-backed affordable home loan option designed to help low- to moderate-income borrowers qualify for homeownership with flexible underwriting and lower down payment requirements.
All labels observed (2)
| Label | Occurrences |
|---|---|
| Fannie Mae HomeReady mortgage | 1 |
| HomeReady mortgage program canonical | 1 |
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
conventional mortgage product
ⓘ
mortgage program ⓘ |
| allowsBoarderIncome | consideration of rental or boarder income in certain circumstances ⓘ |
| allowsCoBorrowers | co-borrowers who do not live in the property in some cases ⓘ |
| allowsDownPaymentSource |
Community Seconds loans
ⓘ
borrower funds ⓘ gifts ⓘ grants ⓘ |
| alsoKnownAs |
HomeReady mortgage program
ⓘ
surface form:
Fannie Mae HomeReady mortgage
|
| backedBy | Fannie Mae ⓘ |
| benefit |
flexible income sources considered
ⓘ
lower down payment compared with many conventional loans ⓘ potentially lower mortgage insurance costs ⓘ |
| borrowerRequirement |
at least one borrower must occupy the property as a primary residence
ⓘ
borrowers must complete homeownership education for certain transactions ⓘ |
| creditAssessmentMethod |
Desktop Underwriter automated underwriting system
ⓘ
surface form:
Desktop Underwriter
|
| creditFeature | flexible credit guidelines compared with some standard conventional loans ⓘ |
| documentationRequirement | standard income and asset documentation ⓘ |
| downPaymentRequirement | as low as 3 percent of purchase price ⓘ |
| eligibleUse |
limited cash-out refinance
ⓘ
purchase of a primary residence ⓘ |
| focus |
affordable lending
ⓘ
sustainable homeownership ⓘ |
| geographicScope |
United States of America
ⓘ
surface form:
United States
|
| homeownershipEducationProvider | Fannie Mae-approved providers ⓘ |
| incomeLimitBasis | area median income ⓘ |
| incomeLimitVariation | higher income limits in low-income census tracts ⓘ |
| introducedBy | Fannie Mae ⓘ |
| lenderType | offered through approved lenders ⓘ |
| loanPurpose |
first-time homebuyer financing
ⓘ
repeat homebuyer financing ⓘ |
| loanType |
adjustable-rate mortgage
ⓘ
fixed-rate mortgage ⓘ |
| mortgageInsuranceFeature | reduced mortgage insurance coverage compared with standard conventional loans ⓘ |
| mortgageInsuranceRequirement | required for loans with less than 20 percent down payment ⓘ |
| occupancyType | owner-occupied properties ⓘ |
| primaryPurpose |
expand access to homeownership
ⓘ
provide affordable mortgage financing ⓘ |
| propertyTypeEligible |
condominiums
ⓘ
planned unit developments ⓘ single-family homes ⓘ some multi-unit properties ⓘ |
| regulatoryCategory | conforming mortgage ⓘ |
| replacedProgram | MyCommunityMortgage program ⓘ |
| riskManagementFeature | homeownership education to reduce default risk ⓘ |
| sponsor | Fannie Mae ⓘ |
| targetBorrowers |
low-income borrowers
ⓘ
moderate-income borrowers ⓘ |
| underwritingFeature |
consideration of non-borrower household income in certain cases
ⓘ
flexible underwriting guidelines ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.
this entity surface form:
Fannie Mae HomeReady mortgage