Mortgage Authority offers best rates on HomeReady is a mortgage product offered by Fannie Mae, a government-sponsored enterprise (GSE) that provides funding for the U.S. mortgage market. HomeReady is designed for low- to moderate-income borrowers and is meant to make homeownership more affordable for these borrowers by offering flexible credit standards and low down payment options.

Some key features of HomeReady include:

• Low down payment options: Borrowers can make a down payment as low as 3% of the purchase price.

• Flexible credit standards: Borrowers with non-traditional credit sources, such as rental payments or utility bills, may be able to qualify for a HomeReady loan.

• Income from non-borrowers: Income from non-borrowers, such as roommates or extended family members, can be used to qualify for a loan.

• Community seconds: HomeReady loans may be combined with a second loan from a local government or nonprofit organization, which can provide additional funds for down payment and closing costs.

• Energy-efficient upgrades: HomeReady loans can be used to finance energy-efficient upgrades to a home, which can help lower monthly utility bills.

HomeReady loans are available for the purchase or refinance of single-family homes, as well as certain manufactured homes, condominiums, and townhomes.