HomeReady® Mortgage

Built for today's home buyers.

Our low down payment mortgage designed to help lenders confidently serve today's market of creditworthy low-income borrowers.

What's New

Watch How to Check DU for HomeReady Eligibility

Real Estate Professionals

Click here for resources.

Related Links

Homeownership education requirement changes now in effect new

On December 7, Fannie Mae implemented policy changes expanding homeownership education loan requirements. To receive the $75 Framework course fee waiver, borrowers must register through the new course link https://educate.frameworkhomeownership.org or https://homeready.frameworkhomeownership.org. Borrowers registering via other URLs may be charged the non-refundable $75 fee. For more information about these and other homeownership education changes, click here.

Ideal HomeReady Borrowers

  • Have low income
  • Are first-time or repeat homebuyers
  • Have limited cash for down payment
  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Have supplemental boarder or rental income
  • Are looking to purchase or refinance

Cancellable Mortgage Insurance*

Unlike government-insured loans, with HomeReady, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road

*Restrictions apply.

Flexible Funding

With HomeReady, cash for down-payment and closing costs can come from multiple sources, including gifts, grants, and Community Seconds ® - with no minimum personal funds required.

HomeReady Comparison

Required down payment 3% 3.5%
Cancellable mortgage insurance* Yes No
Immediate appraisal orders from lenders Yes No
Free from geographic restrictions on loan amounts Yes No
Day 1 Certainty™ freedom from reps & warrants available Yes No

*Restrictions apply.

Get Started with HomeReady

Not sure where to begin? Get started with these helpful resources.

Lender Resources

Homeownership Education Requirements

Income Eligibility

OnDemand eLearning Courses

Down Payment Assistance

Click here for down payment assistance resources. You will be taken to a third party website, not affiliated or endorsed by Fannie Mae.