General Loan Eligibility
A HomeReady mortgage is a first mortgage, purchase money, or limited cash-out refinance transaction for one- to four-unit properties used as the borrower’s principal residence.
Eligible properties include:
- one-unit properties, including manufactured housing, and units in condos and PUDs;
- units in co-ops, provided the unit conforms to Fannie Mae's requirements, and the lender has received specific authority to deliver mortgages on co-ops to Fannie Mae;
- existing structures and new construction; and
- two-, three-, and four-unit properties.
Additional restrictions apply to transactions with LTV, CLTV, or HCLTV ratios of 95.01 — 97%, see B5-6-01, HomeReady Mortgage Loan and Borrower Eligibility for additional requirements for HomeReady mortgage transactions.