Fannie Mae News

Fannie Mae's New Home Lender Mortgage - HomeReady™

Fannie Mae has introduced HomeReady™ mortgage, our enhanced affordable lending product. HomeReady is designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.

HomeReady will be available later this year, with details to be released in late September. Key HomeReady features include:

  • Accessible and sustainable financing up to 97% LTV for a home purchase with no first-time buyer requirement.
  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower's own funds for 1-unit properties.
  • Underwriting flexibilities include an innovative new feature that supports extended family households by considering income from a non-borrower household member as a compensating factor in Desktop Underwriter® to allow for a debt-to-income ratio above 45% up to 50%.
  • Required homeownership education will help borrowers navigate the home buying process and prepare for the responsibilities of homeownership. The required online course, provided by Framework (, is easy to use and gives users access to one-on-one counseling through the purchase process and beyond.