Fannie Mae HomeReady Mortgage Loan 3% Down Payment For Kentucky Homebuyers

Benefits of a HomeReady Loan


Benefits of a HomeReady / Lower Down Payment Loan

Lower-income, creditworthy borrowers can achieve the dream of homeownership with a lower Down

Payment. While we always recommend saving up for a home and putting at least 20% down if you can, it

is not necessary.

Benefits of HomeReady Include:

 Low down payment: As low as 3% down for home purchase or refinance loans

 Down payment & closing cost assistance: Funding can come from gifts and grants, with no

minimum fund requirement from the buyer.

 Affordable mortgage insurance (MI): Reduced MI coverage requirement above 90% loan-to-value

 LLPA’s are waived

HomeReady Buyers Include Those:

 With low income

 Who are first-time or repeat homebuyers

 Who have rental income

 Who have credit scores at least 620, while scores >680 may get better pricing

 Seeking a purchase or refinance

 DU must Approve the loan with indicator of HomeReady as the Community Lending Product

Fannie Mae HomeReady Mortgage Loan 3% Down Payment For Kentucky Homebuyers

*Fannie Mae link for full product details: https://singlefamily.fanniemae.com/originating-


Have Questions or Need Expert Advice? Text, email, or call me below:

Joel Lobb
Mortgage Loan Officer

Individual NMLS ID #57916

American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364

Text/call: 502-905-3708
fax: 502-327-9119


The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approvalnor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).