Rebrand – answers to frequently asked questions

HOMEREADY
LOANS

The HomeReady program is a Fannie Mae conventional loan product designed to assist low- to moderate-income borrowers in designated areas. This program provides enhanced income flexibility, allowing borrowers to include additional sources of income, such as rental income from a roommate, to qualify for a mortgage. HomeReady requires a low down payment of just 3% and offers competitive interest rates. Additionally, private mortgage insurance (PMI) can be canceled once the homeowner achieves 20% equity. Those with very low income can earn a $2,500 credit that can be applied towards the required down payment.

HomeReady also includes homeownership education to prepare borrowers for the responsibilities of owning a home, making it a comprehensive solution for those aiming to overcome financial barriers to homeownership.

Loan features

The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae. Community Mortgage Funding (CMF) NMLS #266418 is our credit union owned mortgage company. AZ, CA, CO, FL, ID, IL, KS, MI, MN, NV, NJ, OH, OK, OR, PA, TX and WA. CMF state licensing.