Fannie Mae to give $2500 to homebuyers

Do YOU Qualify for the Free Money?

Minneapolis, MN: Fannie Mae, who buys completed loans from lenders, has announced an addition to it’s popular HomeReady program, where eligible low-income homebuyers may qualify for a credit toward their down payment and closing costs of $2,500.

The $2,500 is a true credit, with no payback needed. It is a temporary program, that runs from March 1, 2024 until February 2025.

To qualify, the borrower must qualify for the standard conventional HomeReady mortgage, which does have income limits. Homeready requires you to make less than 80% of the medium income for the census tract the home you are buying will be located. To qualify for the free $2,500, you must also make less than 50% of the medium income of the census tract the property being purchased is located.

Lack of down payment and closing cost money are two of the biggest barriers to home ownership, and this $2,500 dollars will help first time home buyers immensely.

To see if you qualify, simply complete a no cost, no obligation application. You can schedule an appointment for a phone, office, or Zoom appointment right online, or for faster service, simply complete an online application.