“Fannie Mae Home Ready” program – If the property located in Fannie Mae approved area and the borrower meets the 80% AMI limit, then the rate can be better than Standard and Standard with income limit programs. And First Time Home Buyer (FTHB) is not required for this program comparing with Freddie Mac Home Possible.

Specification:

• Purchase/Rate & Term Refinance and FTHB NOT required
• Loan Amount $1,089,300 max (Depends on county) and up to 97% LTV, lower monthly MI payment comparing with standard program
• 1-4 units and principal residence only
• Avoid to pay upfront PMI (1.75% of loan amount) which FHA needs
• 80% median income (AMI, Area Median Income) required
• Homeownership counseling required – it can be done after the application is approved

The information provided above is a general overview and guidelines are subject to change at any time. For specific details, please get in touch with Junie without delay.