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- to moderate-income borrowers.

What's New

  • HomeReady Mortgage Income Limits Updates

    HomeReady income limits will be implemented in Desktop Underwriter (DU) and in the HomeReady Income Eligibility Lookup tool during the weekend of June 23.

Lender Resources

Real Estate Professionals

Click here for resources.

Related Links

Ideal HomeReady Borrowers

  • Have low to moderate 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.

HomeReady Comparison

Benefits HomeReady FHA
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.

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.

Get Started with HomeReady

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

Homeownership Education Requirements

OnDemand eLearning Courses

Income Eligibility

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.