Homeready loan for investors

[Joe G.]

Sorry to possibly repeat an issue that may have been covered in another forum.  I'm just looking for a definitive answer.

Regarding FannieMae's Homeready loans, you HAVE to occupy the property?  As a first time investor, I don't want to start calling lenders and have missed this requirement.  I do not plan on moving out of my current home.

Also, if you make more than 80% of the median income level of the property you are looking at, then you DO NOT qualify for this type of financing?

Again, as a first timer I am trying to learn all the financing jargon.  It's not coming to be very easily.  I'm currently seeking a conventional 80-20 loan from a local bank and stumbled on this loan program today.  Just want as much info before I commit to one type of loan vehicle.

Thanks in advance for any response/s and advice!

Joe 

St.  Louis, MO