Home Ready Mortgage

– Financing and Special Offers

Financing Opportunities for HomePath Homes

A foreclosed property can represent a great opportunity and a good value — but a HomePath property can offer even more. Some homes may qualify for special incentives, which will be clearly indicated on the property details page of an eligible property.


For many homebuyers, finding their perfect house is the easy part – finding the right financing for their circumstances can be harder. Fannie Mae has several financing options. The mortgage options address the financing challenges of multigenerational households, such as parents, adult children, and others sharing a home, as well as low- and moderate-income households. *

Fannie Mae’s mortgage products support sustainable homeownership by allowing:

  • Low Down Payment and Flexible Sources of Funds.
  • Conventional home financing with private mortgage insurance (PMI) that, unlike many government-insured loans, may be eligible for cancellation when home equity reaches 20%.
  • Homeownership education helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership.
  • Innovative underwriting flexibilities, including income from a rental unit or boarder, can help buyers qualify.
  • Energy Efficient upgrades
  • Home Improvement costs included in the mortgage
  • 2nd mortgages – Community Seconds

* There are other requirements for getting approved for any of these mortgage options. Speak with your lender to learn more.

More information about financing

Financing Assistance Programs

Many state and local housing authorities offer financing programs that can assist you with the down payment and purchase of your new home. Additionally, HUD’s Neighborhood Stabilization Program (NSP) provides homebuyer funds through special financing programs.

We support public funds programs and offer additional assistance to the buyer, including the following:

  • Earnest money requirement for individuals using public funds is only $500. Fannie Mae waives the earnest money requirement for public entities using public funds to purchase a Fannie Mae- owned property.
  • Once an offer using NSP funds is accepted, buyers have the opportunity to renegotiate after receiving an NSP required Uniform Residential Appraisal value for the property.
  • The standard closing period for a public funds offer is 45 days, which allows time to fulfill the NSP requirements for funding.
  • Buyers using public funds to purchase a home can do so without competition from investors during the First Look marketing period (typically the first 20 days on the market).
More information about NSP funds

HomePath Property Eligibility Exception

Interested Party Contributions

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This is usually paid by the seller – HomePath properties qualify for expanded eligibility, check with your Lender for their allowances.

The above flexibility is available on all HomePath properties. All other requirements of Fannie Mae’s Selling Guide apply.

For more information on HomePath properties, lenders should refer to the Selling Guide.

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