Fannie Mae's HomeReady Mortgage is a conventional loan option for Michigan buyers. With as little as a 3% down payment required, first time home buyers or repeat home buyers who meet the program's income limits may be eligible for mortgage financing with competitive rates and reduced mortgage insurance pricing.
How do I apply for a HomeReady home loan in Michigan?
Riverbank Finance LLC is now offering the Fannie Mae HomeReady Mortgage to Michigan residents. To get started simply complete the online application or call 1-800-555-2098 to speak with a loan officer today.
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Michigan Fannie Mae HomeReady Loan Benefits
The main benefit of HomeReady is reduced mortgage insurance pricing compared to a standard conventional loan with the same down payment and credit profile, which can help lower your monthly payment.
- Down payment as low as 3%
- Reduced mortgage insurance pricing versus standard conventional financing
- Not limited to first time home buyers
- Available for refinance transactions in addition to purchases
- Income limited to 80% of the area median income (AMI) for the property's census tract — some tracts have no borrower income limit
- Gift funds, grants, and Community Seconds financing may be used toward your down payment
Fannie Mae HomeReady Loan Eligibility
The Fannie Mae HomeReady Mortgage qualifications are similar to a standard conventional mortgage but with an income limitation. Eligibility is based on whether your household income is at or below 80% of the area median income (AMI) for the census tract where the home is located; some higher-poverty census tracts have no income limit at all. Your loan officer can look up the specific limit for the address you're considering.
This loan option can work well for buyers putting down less than 20% who want a lower mortgage insurance cost than standard conventional financing. Debt-to-income requirements follow standard conventional guidelines, generally up to 45%–50% depending on compensating factors.
How is HomeReady different from an FHA loan?
Both allow a low down payment, but HomeReady is a conventional loan, so mortgage insurance can potentially be removed once you build enough equity, unlike FHA mortgage insurance, which in most cases stays for the life of the loan. HomeReady also has household income limits that FHA does not.
What credit score do I need for HomeReady?
Conventional guidelines generally call for a credit score of 620 or higher, though pricing and terms improve with a higher score. Talk with a loan officer to see where your credit profile fits.
Still have questions? See all frequently asked mortgage questions or call a mortgage expert at 1-800-555-2098.
Buy with as little as 3% down
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