Choose Your Mortgage

• Interest rate stays the same for the life of the loan
• Available with 30-, 20-, 15- and 10-year terms
• No prepayment penalty
• Down payment can be as low as 3%

The main value of a fixed-rate mortgage is its interest rate doesn’t change. If interest rates are low, and your credit score is optimal, A fixed rate mortgage could lock in the best rate possible for the duration of your mortgage.

• Available with 10- or 15-year terms 
• Low closing cost options available
• Choose a rate and term refinance or a cash-out refinance, even if your current mortgage is with another bank

When you refinance your home, you replace your current mortgage with a new, more favorable one. There are many reasons why refinancing your mortgage could be a good idea, like taking advantage of lower interest rates. You can also leverage your financial position if it’s greatly improved since you were approved for your initial mortgage. 

If you have equity in your home, you may be able to take out a new mortgage for more than what you owe, so you can use the extra cash for other expenses. Refinancing could also eliminate your private mortgage insurance (PMI) payments. 

Other reasons are to avoid a balloon payment or refinance an adjustable-rate mortgage to a fixed term.

• Available for home purchases and limited cash-out refinances
• Put as little as 3% down
• Affordable and cancellable mortgage insurance available
• Wide range of down payment and closing cost funding sources accepted
• Income limit is 80% of Area Median Income*
• Homeownership education and counseling options are available

*Area Median Income data source is Fannie Mae.

The Fannie Mae HomeReady® Loan program offers fixed-rate mortgage loans designed to make home ownership more accessible for more people. Created to meet the needs of borrowers with low-to-moderate income, HomeReady™ offers affordable financing with flexible terms.

Wide range of down payment and closing cost funding sources accepted including gifts, grants, cash-on-hand and Fannie Mae Community Seconds.