Fannie mae home ready income limits 2022

Each Lender must determine borrower and loan eligibility in accordance with the Selling Guide and its Lender Contract. Nothing in this service is intended to vary or modify any of Lender's obligations under its Lender Contract.

Table of Contents Show

Ideal HomeReady Borrowers
Why Choose HomeReady? The benefits are clear.
HomeReady Comparison
Area Median Income Lookup Tool
Additional Resources
Related Resources

Our low down payment HomeReady® Mortgage is designed to help lenders confidently serve today’s credit-worthy low-income borrowers.

Ideal HomeReady Borrowers

Low income
First-time or repeat homebuyers
Limited cash for down payment
Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
Supplemental boarder or rental income
Looking to purchase or refinance

Homeownership Education Requirement

If all occupying borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV. Fannie Mae HomeView™ can be used to satisfy the homeownership education requirement. Learn more.

Quick Start Guide

Help & Training

FAQs

Real Estate Professionals

Why Choose HomeReady? The benefits are clear.

As Low as 3% Down Payment

Low down payment for home purchase or refinance transactions.

Flexible Funding

Flexible funding for down payment or closing costs can come from multiple sources, including, gifts, grants from lenders or other eligible entities, and Community Seconds®, with no minimum personal funds required.

Learn More

Rental Income

Qualifying income can include rental or boarder income, including income from Accessory Dwelling Units.

Learn about ADUs

Simplicity

Combine standard and HomeReady loans into MBS pools and whole loan commitments.

Affordable Mortgage Insurance

Reduced MI coverage requirement above 90% LTV; cancellable MI once the borrower’s equity reaches 20% (restrictions apply).

Click here for more information on any of the features above.

HomeReady Comparison

BenefitsHomeReadyFHARequired down payment3%3.5%Cancellable mortgage insurance* Immediate appraisal orders from lenders Free from geographic restrictions on loan amounts Day 1 Certainty® freedom from reps & warrants available

Area Median Income Lookup Tool

Use the interactive map to quickly look up income eligibility by area, property address or Federal Information Processing Standards (FIPS) code.

For Area Median Income Lookup Tool Tips click here.
You can also download Income Eligibility by county (excel).

Go to AMI Lookup Tool

Additional Resources

Product Matrix
HomeReady and Standard Mortgage Comparison
Non-Occupant Borrower Income Flexibility
Rental and Boarder Income Flexibilities

Fannie Mae HomeView™
Affordable Housing Initiatives

We really strive to find products that will put our members in a better financial situation, so we were delighted to offer HomeReady based on our financial values and corporate mission statement