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Fannie Mae’s Home Ready Program – A Program You Need To Know

If you are looking to purchase a home with a lower down payment (3%), have a decent credit score (680 or higher) and make less than $70,000 pre-tax (in Arizona), then you need to know about the Fannie Mae Home Ready program.
The Fannie Mae Home Ready Program requires a 3% minimum down payment but is not limited to first-time home buyers. In fact, you can currently own a home and still use the program to purchase a new primary home.
This unique Fannie Mae backed conventional home loan program most often times, also, has better interest rates than a comparable non-Home Ready conventional loan and less expensive monthly mortgage insurance.
In fact, if you have a 680 credit score or higher, it is almost certain, that the program will save you money on a monthly basis, compared to a standard conventional loan.
There is one major caveat to the program and that is that the program does have income restrictions for certain properties (limiting income to a little over $69,000 annually in most metro areas in Arizona).
However, it’s very easy to check if a property has an income restriction at Fannie Mae’s Home Ready website: https://homeready-eligibility.fanniemae.com/homeready/
Simply input the property address at ... more

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