ContractFannie Mae Homeready Guidelines • July 5th, 2022
Fannie Mae HomeReady (DU) Purchase Units Maximum LTV2,3 / CLTV3 / HCLTV3 Minimum Credit Score 1 Unit 97 / 97 / 97% 620 Limited Cash-Out1 Refinance Units Maximum LTV2,3 / CLTV3 / HCLTV3 Minimum Credit Score 1-Unit 97 / 97 / 97% 620 Purchase & Limited Cash-Out1 Refinance Units Maximum LTV2 / CLTV / HCLTV Minimum Credit Score 2 Unit 85 / 85 / 85% 620 3-4 Units 75 / 85 / 75% 620 1If the borrower has been on title for at least 6 months but cannot demonstrate an acceptable continuity of obligation, the loan is not eligible for a limited cash-out refinance.2LTV over 80% is subject to MI approval.3LTV/CLTV/HCLTV 95.01-97%:• DU only.• All borrowers must occupy the property.• At least one borrower on the loan must have a credit score.• For limited cash-out refinance, Fannie Mae must be the owner of the existing mortgage• High balance loans or loans with a Non-occupant borrower are not permitted.• Reserve requirements determined by DU. Follow CWL Conventional Guidelines unless stated otherwise
