Fannie Mae Revises 2018 Income Limits for HomeReady Mortgage

Blog posted On 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 to access resource.

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.