Home Ready Program
Why do home buyers love the Home Ready & Home Possible mortgage programs?
Housing costs are rising, but wages are not! This trend is leaving a number of home buyers in a pinch – especially those with lower incomes and limited cash reserves. Fannie Mae’s Home Ready program and Freddie Mac’s Home Possible program were designed with these buyers in mind and offer the following attractive benefits*:
- Low down payments
- No minimum contribution towards down payment or closing costs is required
- Income limits waived for properties located in low income and underserved areas
- Reduced monthly mortgage insurance costs
- Job loss protection that covers mortgage payments for six months in the event of an involuntary job loss available for LTVs from 95.01% to 97%**