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Fannie Mae HomeReady Mortgage

A Fannie Mae HomeReady Mortgage from NASB can help creditworthy low- and moderate-income (LMI) borrowers get their dream home with a low down payment.

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Key Features

Funding can come from non-resident co-borrowers

Competitive pricing

As low as 3% down payment



Owning a home is easier with a HomeReady loan from NASB

A Fannie Mae HomeReady loan is ideal for credit-worthy low- and moderate-income borrowers wanting to get a home loan. Featuring a low down payment and allowing co-borrower flexibility, it's easier than ever for qualifying borrowers to get into a home of their own. 

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Refinance
Mortgage purchase

HomeReady Loan Advantages

  • Competitive rates and terms
  • Down payments as low as 3%
  • Allows for flexible sources of down payment and closing costs (gifts, grants, community seconds); no minimum personal funds required
  • Boarder income and rental income from an accessory unit allowable
  • Reduced mortgage insurance coverage for loans above 90% LTV. Mortgage insurance is cancellable when certain conditions are met

HomeReady Loan Requirements

  • For purchase and limited cash-out refinances
  • Borrower income is less than or equal to 80% of the area median income
  • Have a credit score greater than or equal to 620, and those with scores greater than or equal to 680 may get better pricing
  • Primary residences only; non-occupant co-borrowers allowed
  • Max LTV is 97% for purchases or limited cash-out refinances owned or securitized by Fannie Mae
  • Home ownership counseling course required for any purchase transactions with first-time home buyers


Fannie Mae HomeReady Mortgage FAQs

A HomeReady Mortgage loan is a program financed through the Federal National Mortgage Association (Fannie Mae) that allows borrowers with low to moderate income to buy or refinance a home without needing a large down payment. 
No. As long as your income does not exceed 80% of area median income (AMI) you qualify for a HomeReady loan.
To qualify for a HomeReady mortgage:
  • Borrower income is less than or equal to 80% of the area median income
  • Have a credit score greater than or equal to 620, and those with scores greater than or equal to 680 may get better pricing
  • Used for primary residences only; non-occupant co-borrowers allowed
  • Borrower max LTV is 97% for purchases or limited cash-out refinances owned or securitized by Fannie Mae
  • A home ownership counseling course is required for any purchase transactions with first-time home buyers
You must not earn more than 80% of your census tract’s median income to be eligible for a HomeReady loan. Check your area’s median income here.
If you are a first-time home buyer, all occupying HomeReady borrowers must complete a homeownership education course offered by a qualified provide.

Yes! You can use the HomeReady program to refinance a home. Eligibility guidelines include:

  • Down payment options as low as 3% for first-time and repeat homebuyers
  • All borrowers do not have to reside in the property, allowing for co-borrower flexibility 
  • Can be used only for rate and term refinances, not cash-out refinances
Residencies eligible for a HomeReady mortgage houses with 1-4 dwelling units, condos, manufactured housing, and new construction.


What Our Customers Say
Michael S., January 18, 2022
★★★★★ (5)

"I was a first time homebuyer. I didn’t know much about the process, but my loan officer was extremely helpful. He explained the process and informed me of various options. He was knowledgeable, professional, and honest. I felt lucky to have connected with him and I would eagerly recommend him and NASB to anyone looking for a mortgage."
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$30 Billion in home loans

In the last decade based on lender data

90 "World-class" Net Promoter Score*

Based on closed loan customer surveys from 6/1/2022 to 5/30/2023

100,000 home loan customers since 2010

Based on lender data

Nationally competitive products. Individualized service.

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*According to Bain and Company, the source of the Net Promotor Score (‘NPS’) system, a score of 50 is excellent, and anything above 80 is world-class.