HR 97

  • Fannie Mae
    • Fannie Mae product
  • Minimum FICO:  640
  • Max LTV of 97% 
  • 1 units only
  • Reduced Mortgage Insurance
  • Home Ready product:
    • No first-time homebuyer requirement
    • Homeownership counseling required on HomeReady program 
      • Follow FNMA require​ments​
      • Borrower may own other property at the time of closing
      • Income limits apply(80% of AMI)(search AMI by county)
  • 3.5% assistance (rounded to the next highest dollar – do not round down) of the lower of the purchase price or appraised value
    • Repayable 2nd, 10-year term
    • Interest rate is 2% higher than 1st lien rate
    • 0.5% of assistance can be used towards closing costs