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Fannie Mae HomeReady Program

Put low- to mod-income borrowers with good credit in homes for just 3% down.

HomeReady® vs. FHA

Benefits HomeReady® FHA
Required down payment 3% 3.5%
Cancellable mortgage insurance**
Immediate appraisal orders from lenders
Free from geographic restrictions on loan amounts
Day 1 Certainty freedom from reps and warrants

Lender Resources

Meet the ideal HomeReady® borrower

  • Have low-to-moderate income
  • Are first-time or repeat homebuyers
  • Have limited cash for down payment
  • Credit score is ≥680
  • Have supplemental boarder or rental income
  • Looking for low-cost refinancing options

Clients save with cancellable PMI**

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.

Loans featuring 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.

Customized marketing tools

We’ve got the tools you need to tap into the HomeReady® market. Get your custom-branded flyers, fact sheets, and educational materials in both English and Spanish at the Fannie Mae Marketing Center.

Get started with the Fannie Mae Marketing Center.

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