Fannie Mae’s recent announcement of a $2,500 credit within its HomeReady program presents a promising opportunity for qualified homebuyers. For a limited time, this credit saves qualified buyers upfront homebuying costs.
The HomeReady program, tailored to assist lower-income homebuyers, is an integral part of Fannie Mae’s initiatives to promote homeownership affordability. Intercap Lending’s status as a participating lender allows us to originate and underwrite HomeReady loans. The $2,500 credit is specifically earmarked for homebuyers earning below the median income in their respective purchase areas, reflecting Fannie Mae’s dedication to addressing the financial challenges faced by low-income individuals and families.
Prospective buyers interested in exploring their eligibility for the $2,500 credit and other specialty grants and programs can turn to Intercap Lending’s experienced loan officers for guidance. With comprehensive knowledge of the HomeReady program and a range of other mortgage options, Intercap loan officers can provide personalized assistance, helping clients navigate the complexities of home financing and identify the most suitable solutions for their needs.
The HomeReady program also offers a reduced down payment requirement of 3%. The $2,500 credit can be applied towards this down payment, further easing the financial burden associated with homeownership. Additionally, HomeReady requires a FICO score of 620 or higher and the possibility of mortgage insurance based on the loan-to-value or down payment.
Additional terms and conditions apply. Not all borrowers will qualify. This is not a commitment to lend. Credit available only through February 28, 2025.
Sources:
“Fannie Mae Announces $2,500 Credit with HomeReady Program” – Fannie Mae Press Release