HomeReady® Mortgage - An Affordable Path to Homeownership

A HomeReady Mortgage is a flexible and affordable conventional loan backed by Fannie Mae created to help low to moderate income borrowers achieve homeownership with a low three percent down payment. It offers flexible income options, reduced mortgage insurance and broad funding sources.

Borrowers with income at or below eighty percent of the area median income may qualify. Eligibility also considers credit history, rent payment history and the ability to use non occupant co borrowers or rental income for qualification.

Yes. HomeReady allows gifts, grants, Community Seconds and documented cash on hand to be used toward your down payment or closing costs, offering significant flexibility for buyers with limited savings.

Yes. HomeReady allows certain nontraditional income types and permits rental income from boarders or accessory dwelling units to help support qualification.

HomeReady requires a simple online homeownership education course designed to help borrowers understand the mortgage process and prepare for long term financial success.