The Fannie Mae HomeReady program has a variety of options to help low-to moderate-income borrowers purchase or refinance their home, including flexible income sources and low down payment options.- No first-time homebuyer requirement.
- Credit scores as low as 620.
- Owner occupied 1-4 units, condos, and PUDs
- For single family residences, there is no minimum borrower funds contribution (all gift funds are acceptable).
- Non-occupant borrower income is allowed
- Income limits apply. Check HUD Area Median Income Limits (https://www.huduser.org/portal/datasets/il.html ) for income eligibility.
- Homeownership education course is required.