Fannie Mae Home Ready

Fannie Mae HomeReady

If you’re looking to buy a home and have a good credit history and a stable job, but don’t have much saved for a down payment, you might be interested in the Fannie Mae HomeReady® mortgage. HomeReady is a program that offers fixed-rate mortgages for affordable housing, specifically designed for individuals with low-to-moderate incomes. You can qualify with as little as a 3% down payment or get financing for up to 97% of the home’s value.

Learn more about HomeReady resources and updates: Fannie Mae HomeReady

Disclaimers: This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. Credit and collateral are subject to approval. Equal Housing Lender.

Is HomeReady right for you?

  • No need to meet an income level to qualify if you live where the median tract income is no greater than 80% AMI.
  • Must make 100% of Area Median Income for properties in high minority census tracts and designated disaster areas to qualify.
  • Must make at least 80% of Area Median Income 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.