Fannie Mae Home Ready Loan
Freddie Mac Home Possible Loan
Conventional loan for low-moderate income buyers.
Must meet income limits. Usually Income must be 80% of the area median income or less.
Available for purchases and refinances.
First time or repeat buyers allowed.
Minimum 620 credit score required.
Interest rates and mortgage insurance premiums for this program are usually lower than the standard conventional/conforming loan.
Low 3% down payment requirement.
Parents can be non-occupying co-borrowers.
Must complete online homeownership course by Framework. The course certificate is only valid for a short period of time.
Do not complete the homeownership course until your offer on a home has been accepted and you have been fully pre-approved for this home loan by your loan officer.