Fannie Mae HomeReady DPA (Participating Lender Grants)

Fannie Mae HomeReady DPA (Participating Lender Grants) is a grant for homebuyers in California. Fannie Mae HomeReady with lender-funded DPA grants available in California. Many participating lenders offer up to $7,500 in grant assistance on HomeReady loans for borrowers at or below 80% AMI. Up to $7,500 in assistance. non-repayable grant. Funding comes from Lender/Fannie Mae.

Fannie Mae HomeReady DPA (Participating Lender Grants) is structured as a grant, so it is not repaid. Repayment is triggered by N/A (non-repayable grant). The assistance is recorded in N/A (grant - no lien) position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Fannie Mae HomeReady DPA (Participating Lender Grants) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Minimum 620 FICO score required for all borrowers. A homebuyer education course is required. Residency requirement: Must occupy as primary residence. Citizenship or immigration status: U.S. citizen, permanent resident alien, or other eligible non-citizen. $2,500 credit for qualifying low-income borrowers at or below 50% AMI. HomeReady requires 80% AMI maximum. 50% DTI limit. 3% minimum down payment. Reduced PMI. Must complete Framework homebuyer education.

Fannie Mae HomeReady DPA (Participating Lender Grants) limits household income to 80% of the area median income, which varies by county and household size. Low income: household income ≤80% of Area Median Income (AMI). The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Fannie Mae HomeReady DPA (Participating Lender Grants) caps the purchase price as follows: Contact program for current purchase price limits. Eligible property types include Single-family (1-2 unit), conventional condominium, townhome, PUD. New construction is eligible. Manufactured homes are not eligible.

Fannie Mae HomeReady DPA (Participating Lender Grants) serves homebuyers purchasing anywhere in California.

Applications for Fannie Mae HomeReady DPA (Participating Lender Grants) go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Contact provider directly; subject to funding availability. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.