Key figures.
- Credit
- Per AUS
- LTV up to
- 97%
- 1-unit primary, purchase & rate/term
- Loans to
- $2,438,025
- High balance, 2–4 unit primary, purchase & rate/term
Limits by occupancy.
Score · LTV · Loan in each cell, with the tier each needs beneath.
| Occupancy | Purchase & rate/term | Cash-out |
|---|---|---|
| 1-unit primary | Per AUS score97% LTVloans to $845K | Not offered |
| 2–4 unit primary | Per AUS score95% LTVloans to $1,625,350 | Not offered |
| High balance, 1-unit primary | Per AUS score95% LTVloans to $1,267,500 | Not offered |
| High balance, 2–4 unit primary | Per AUS score85% LTVloans to $2,438,025 | Not offered |
What to know.
- One-unit purchase
- Up to 97% LTVFixed rate; the 97% path does not permit non-occupant borrowers.
- Rate-and-term
- Eligible 97% pathAt 97%, the existing loan must meet the Fannie Mae ownership requirement in the guide; otherwise maximum 95%.
- Underwriting
- Desktop UnderwriterBorrower income eligibility, education and agency requirements still apply.
- Occupancy
- Primary residenceProperty and unit-count overlays apply; cash-out is not included.
- Non-occupant support
- Up to 95% LTVReview borrower contribution and qualification requirements.
- Community Seconds
- Eligible assistance structuresUp to 105% CLTV with qualifying Community Seconds; transaction and term restrictions apply.
- Ways to qualify
- Full docNot offered: bank statements, P&L only, WVOE only, asset utilization, DSCR, ITIN, foreign national and recent credit event.
Documents.
Other programs.
Compare with
- ConventionalHome PossibleFreddie Mac’s affordable-lending option
- Score
- Per AUS
- LTV
- 97%
- Loan
- $1,625,350
- ConventionalHomeOneA conventional path for eligible first-time buyers
- Score
- Per AUS
- LTV
- 97%
- Loan
- $845K
- GovernmentFHA Down Payment AssistanceCover the FHA down payment with a JMAC second, up to 101.5% CLTV
- Score
- 600+
- CLTV
- 101.5%
- Loan
- FHA county limit
Questions brokers ask.
Can every property use 97% financing?
No. The 97% path is limited to eligible one-unit fixed-rate transactions. Manufactured homes, multi-unit properties and high-balance loans have separate limits.
Where should I start on income eligibility?
Check the current HomeReady income-eligibility requirements and DU findings for the property location. Do not substitute a different affordable program’s rules.
Your next borrower. Our next conversation.
Bring us your next HomeReady loan.
Send the scenario, ask JMAC a question, or get set up with your lending team.