Fannie Mae HomeReady®

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Narrator: Owning a home may seem like a dream that's out of reach. Just saving enough for a down payment and closing costs can be a challenge. But that dream home may be more affordable than you think.

The HomeReady® Mortgage program backed by Fannie Mae could make it easier for you to get the loan you need. If you are eligible for the program, your down payment can be as low as 3%. Plus, you may not have to come up with the money on your own. You can use money from family or other acceptable sources to help you with the down payment and closing costs.

Another helpful feature of a HomeReady® loan is its fixed interest rate. Locking in a rate means you won't have to worry about your monthly principal and interest payments going up. And if you need to borrow more than 90% of the home's value, you may be eligible for reduced mortgage insurance costs.

So, how do you know if you are eligible for a HomeReady® loan?

For starters, your income has to be at or below 80% of the median income in the area where you'll live. For example, let's say the median income in your desired neighborhood is $100,000 a year. That means your income would need to be at or below $80,000 a year. There may also be other requirements, depending on your lender.

Are you ready to learn more about the HomeReady® Mortgage program? Take the next step on your journey to affordable homeownership. Call a USAA Bank mortgage loan officer today to discuss your options.

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