HomeReady Loan

HomeReady Loan Features

• NEW $2,500 Assistance Grant: Available to qualified buyers. Learn more
• Low Down Payment: Finance up to 97% on a one-unit primary residence.
• Flexible Sources of Funds: Down payment and closing costs can come from gifts, grants, Community Seconds®, and other eligible programs — no minimum borrower contribution required if all funds are from these sources.
• Conventional Financing with MI: Reduced, cancellable* mortgage insurance compared to many low down payment options.
• Homeownership Education: Required for at least one borrower if all occupying borrowers are first-time homebuyers or if nontraditional credit is used. Fannie Mae’s free HomeView® course satisfies this requirement.
• Refinance Option: Available for purchase and no cash-out (rate-term) refinances only.
• Property Types: One-unit primary residences (including condos, PUDs, and homes with an accessory dwelling unit).
• Income Limits: Borrower income must not exceed 80% of the area median income (AMI) for the property location (check Fannie Mae’s AMI lookup tool).
• Occupancy: Borrower must occupy the home as a primary residence.
• First-Time Home buyer: At least one borrower must be a first-time homebuyer (no ownership interest in a residential property in the past 3 years) when applying for a purchase loan above 95% LTV.

Compare Home Possible, HomeReady and Home Possible Advantage

* restrictions apply

*Not a commitment to lend.  All loans subject to credit and property approval.  The following terms are for illustrative purposes only.  Rates, payments, and loans terms vary by consumer based on their individual qualifying information.   The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.