Home Ready

1. Not required to be a first time home buyer
2. Income Limits: 80% of AMI most areas. Higher percentages avaialble for high minoritycensus tracks or homes in disaster areas
3. MI Coverage: 25% MI coverage for LTV ratios 90.1 – 97%. Standard MI for 90% or lower.
4. Pre-Purchase homeownership education required
5. Purchase transactions only

Fannie Mae Standard

1. Must be a first time home buyer
2. No Income limits
3. Standard MI rates
4. No homeownership education required