Fannie Mae, First Time Home Buyer Home Ready Program Difference.

[Jerry Padilla]

Home Ready Program allows you to purchase your first home and use potential rental income without a mortgage history or experience and is income based in many situations.

Home Ready Program - First Time Home Buyer Program.

Fannie Mae's Home Ready Program

620 Minimum Credit Score

Required https://homeready-eligibility.fanniemae.com/homere... *********

Income from all borrowers listed on Note must be considered for qualification

Homeownership Education through Framework® is required for at least one borrower on the mortgage loan https://www.frameworkhomeownership.org/

Landlord Education is required for purchasers of 2-4 unit properties through a HUD approved Counseling Organization

Rental Income - 75% of the lesser of the actual or projected rents for the rental unit (1-4 unit) should be added as qualifying income if individual(s) has lived with and paid rent to the borrower for the last 12 months

Reduced MI applies

STATES WE LEND IN:

Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin