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Introducing HomeReady® Mortgage

We understand the financial challenges many homebuyers are facing.  They can’t afford a large down payment; may have multiple student loans; or may rely on income from non-traditional sources (i.e., parents or other family members).  These challenges can make homeownership seem impossible, or may have impacted their ability to buy a home in the past.

Not anymore.  After much research and feedback from both homebuyers and lenders, Fannie Mae created HomeReady® mortgage, an enhanced affordable loan designed to meet the diverse financial and familial needs of responsible, creditworthy buyers.

Know the Features & Flexibilities+

HomeReady® mortgage addresses common financial challenges and offers expanded eligibility guidelines, such as:

  • Qualify for a mortgage with help from co-borrowers or extended households. HomeReady® mortgage allows co-borrowers who don’t live in thehome to be included on the mortgage, such as parents or others who want to help. And, extended family or other household members’ income can help you qualify—even if they aren’t on the mortgage.
  • Down payments as low as 3%. Ideal for home buyers with limited savings, and the down payment and closing costs can be paid from sources other than your own funds.
  • Savings over the life of the loan.  With private mortgage insurance that may cost less over time—may be eligible to be canceled once 20% home equity is reached, unlike mortgage insurance on government-insured loans.

Click here for HomeReady® mortgage FAQs

Homeownership Education Requirement+

HomeReady® mortgage has a homeownership education requirement to help buyers prepare for the responsibilities of buying and owning a home.  Buyers can complete an online homeownership course offered by Framework® to fulfill the requirement.  One-on-one homeownership advising (i.e., through HUD-approved counseling agency) may also be an option for buyers who could benefit from personalized assistance.  If you seek one-on-one advising, speak with your lender beforehand to confirm that you’ll meet the HomeReady® mortgage education requirement.

Get Started

Click here to see if your income and property qualify.

Click here to see all of our mortgage options.

For more details and to see if you qualify for a HomeReady® Mortgage, talk to one of our First National Bank home loan officers.

Becky Behrens

Becky Behrens

Vice President, Residential Lending Manager

Robb Nelson

Robb Nelson

Assistant Vice President, Residential Mortgage Officer