Fannie Mae HomeReady™ Mortgage

A flexible, low down payment loan program

If you’re a homebuyer with a good credit history and a stable job, but not a lot saved for a down payment, the Fannie Mae HomeReady™ mortgage may be for you. HomeReady™ is a fixed-rate affordable housing program for low-to-moderate income borrowers with as low as a 3% down payment or up to 97% financing.

To learn more about HomeReady resources and updates, please visit: Fannie Mae Homeready

Features & Highlights
  • You don’t need to meet an income level to qualify if you live where the median tract income is no greater than 80% Area Median Income (or AMI).
  • Must make 100% of AMI for properties in high minority census tracts and designated disaster areas to qualify.
  • Must make at least 80% of AMI for all other properties to qualify.
  • Mortgage insurance coverage lower than the standard requirement for LTV ≥ 90.01% to 95% on terms greater than 20 years.
  • Gifts, grants, Community Seconds and cash-on-hand permitted as a source of funds for down payment and closing costs.