Fannie Mae HomeReady low-down payment mortgage is designed for creditworthy, low- to moderate-income borrowers.

HomeReady Loan Features

Low down payment – Up to 97% financing for home purchase with many borrower flexibilities

Flexible source of funds – can be used for your down payment and closing costs with no minimum contribution required from your own funds. With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and other approved programs – with no minimum personal funds required.

Conventional home financing with cancellable* monthly Mortgage Insurance (MI) – helps you save money; reduced MI coverage requirement above 90% LTV supports competitive payments

  • * restrictions apply

Homeownership education – helps you get ready to buy a home and be prepared for the responsibility of homeownership. The Freddie Mac required homeowner education training is available online from Framework

For purchase and Rate Term Refi only

Primary residence only

Borrowers cannot own other property

Does not provide Cash on Hand

Non-occupant co-borrowers are not allowed



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