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What property types are eligible for HomeReady?

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.

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