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  • Fannie Mae Revises 2018 Income Limits for HomeReady Mortgage

Fannie Mae Revises 2018 Income Limits for HomeReady Mortgage

  • July 03, 2018

Fannie Mae HomeReady® Mortgage is a low down payment loan with 95% and 97% financing options and cancellable mortgage insurance coverage.  The HomeReady® Mortgage is not limited to first-time home buyers and available for repeat home buyers seeking an affordable financing option.  The HomeReady® Mortgage also employs flexible underwriting and credit guidelines allowing rental unit and boarder income to be included in the debt-to-income ratio and allowing non-occupant borrowers, like a parent borrowing on behalf of a child. 

On June 23rd, Fannie Mae released revised income limits for the HomeReady® Mortgage.  Fannie Mae reports, the income limits will increase for about 94% of census tracts and will go up by at least 5%.  To access the Fannie Mae HomeReady® Mortgage income limits in your area click here.

According to Zillow, saving for a down payment is the most common obstacle to homeownership.  Using programs like Fannie Mae HomeReady® Mortgage is one way for renters to transition into homeownership sooner.  The program also welcomes down payment assistance.  Gifts, grants, and Community Seconds® can all be used toward the down payment and closing costs. 

To learn more about Fannie Mae HomeReady® Mortgage and its guidelines, visit https://www.fanniemae.com/singlefamily/homeready.

Doug Luza

NMLS # 311377

Doug Luza

PHONE: (832) 575-2210
dluza@cmgfi.com

© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).