Want to buy a home now instead of waiting to save a big down payment? The Fannie Mae HomeReady® mortgage might be a good choice for you:
If the answer is “Yes” then a HomeReady® mortgage from Fannie Mae may be right for you.
Planet Home Lending is on the Fannie Mae approved lenders HomeReady® list. Our mortgage professionals know the HomeReady® program guidelines. We walk you through your choices and deliver concierge service.
Call 888-966-9044 or sign up for a consultation now!
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HomeReady® mortgage loans are for homebuyers with modest savings and income who hold tight the American Dream of homeownership. They’re an affordable, flexible way to buy a home or to refinance at a competitive interest rate.
They come with some great advantages:
Find out if HomeReady® is right for you.
Call 888-966-9044 or sign up for a consultation now!
Step 1: Find out if an FNMA HomeReady® loan is right for you.
Tells us about your homebuying dream. We’ll help you figure out if you’d benefit from low down payment and flexibility to use boarder income and co-signers with HomeReady®. Then, we’ll show you today’s HomeReady® mortgage rates, which are competitive with other home loan programs.
If it turns out Fannie Mae HomeReady® isn’t right for you, no worries! We’ll show you other mortgage products.
Step 2: Gain Pre-Approval Power
HomeReady® loans have some awesome benefits, but you have to meet some special requirements to get one. There’s a minimum credit score. There are Fannie Mae HomeReady® program income limits, so we'll check those for you.
You’ll also take a Fannie Mae first-time homebuyer program class that teaches you what you need to know to be a successful homeowner.
Once you meet the HomeReady® guidelines, we’ll pre-approve your loan application. Pre-approval shows home sellers you can afford to buy their property, so it can help you when shopping for a home.
Step 3: Find Your Perfect Home
Your pre-approval letter will let you know how much Planet Home Lending can loan you. That means it’s time to start shopping for your new home!
Our HomeReady® Loan Professional stays with you throughout the journey, on call to answer your questions and speed the process.
Call 888-966-9044 or sign up to start now!
HomeReady® borrowers have to put at least 3% down for a single-family home, 15% down for a two-unit property, or 25% down for a three- to four-unit property.
You can use gifts or cash from others. There are state, local, and even national down payment assistance funds that offer homebuyers grants or loans for down payments. None of the down payment has to come from your personal funds.
You can use a Fannie Mae HomeReady® loan to buy a single-family home, a condo, a townhome, or a manufactured home. If you buy a manufactured home, you’ll have to put 5% down.
You can also buy a two- to four-unit property as long as you live in one of the units, but you can’t buy an investment property or second home.
No, you do not have to be a first-time homebuyer to get a Fannie Mae HomeReady® mortgage. You can be a previous homeowner and still be eligible for HomeReady®, but you can’t currently own a home.
Find out if HomeReady® is right for you.
Call 888-966-9044 or sign up for a consultation now!
The HomeReady® mortgage program has rules about your credit score, income, and how much of your income it takes to pay your other bills, like your car loan.
You can't be a current homeowner, but it’s OK if you’ve owned a home in the past.
You do have to complete a homeowner education course and make a minimum 3% down payment, but you can get the down payment from a down payment assistance program or family.
There’s a lot of flexibility on the income you use to get this loan, which makes this a great option for people with limited incomes. Fannie Mae HomeReady® mortgage insurance is required if you put less than 20% down, but once you build up 20% equity, you may be able to cancel it.
Yes, you can refinance an existing mortgage, and the refinance includes a limited cash-out option.
The HomeReady® income limits let you can earn 80 percent of the area median income (AMI). In some special areas, there’s no income limit.
You can use the Income Eligibility Lookup tool on Fannie Mae’s website to see the limits where you want to buy a home, or your loan professional can check for you.
The limits can be surprisingly high. For example, if you wanted to buy in the same neighborhood as the White House in Washington, D.C., you could earn up to $120,320 using the HomeReady® income limits for 2023
Find out if HomeReady® is right for you.
Call 888-966-9044 or sign up for a consultation now!
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The minimum credit score is usually 620 or higher.
Planet Home Lending's HomeReady® loan product from Fannie Mae may be right for you. Call 888-966-9044 or sign up for a consultation now!
HomeReady® loans have several advantages over FHA loans. With HomeReady®, you can cancel your mortgage insurance premium once you build 20% equity in your home. You may have lower mortgage insurance costs with a HomeReady® loan.
With FHA, you pay the mortgage insurance premium when you get your loan and every month. You cannot cancel it.
Yes, because if you have a roommate who pays rent, you can use that income to help you get a HomeReady® mortgage.
Find out if HomeReady® is right for you.
Call 888-966-9044 or sign up for a consultation now!
Get a Quote
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