Conventional Loan Guidelines
Fannie Mae (FNMA)
Conventional mortgage loans are bought by two government sponsored enterprises known as Fannie Mae and Freddie mac. Both enterprises share most conventional loan guidelines but only one will allow income from the Cannabis industry to qualify. As of May 2024 Fannie Mae(FNMA) has allowed to qualify income from legal Cannabis employment.
This is not a special program that will make you jump through multiple hoops. This a normal conventional mortgage loan following Fannie Mae(FNMA) guidelines, that's it!
-Must meet conventional mortgage loan minimum credit FICO score.
-Income must come from a legal state licensed Cannabis business.
-Must be a W2 cannabis worker, cannot be owner or contract employee.
-Down payments availability based on full credit evaluation, including but not limited to credit score, income, assets, employment. not all borrowers will be eligible for 3% down payment
We at the Cannabis Housing Initiative believe that the dream of homeownership should be attainable for everyone. We understand that working in the cannabis industry may be viewed as taboo by some, but we recognize it as demanding and hard work. That equity deserves to be leveraged to build a future and achieve homeownership!
