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|Required down payment||3%||3.5%|
|Cancellable mortgage insurance**|
|Immediate appraisal orders from lenders|
|Free from geographic restrictions on loan amounts|
|Day 1 Certainty freedom from reps and warrants|
Unlike government-insured loans, with HomeReady®, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road.
With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds® — with no minimum personal funds required.
We’ve got the tools you need to tap into the HomeReady® market. Get your custom-branded flyers, fact sheets, and educational materials in both English and Spanish at the Fannie Mae Marketing Center.
Get started with the Fannie Mae Marketing Center.