Low Down Payment Option

HomeReady Loan

The HomeReady Loan is a Fannie Mae program for low-income borrowers with good credit. If you’re having trouble qualifying for a loan because you don’t have high enough income, but your credit report shows you’re financially responsible, this financing option may be a good fit.
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Couple in front of their home

Loan Highlights

  • As little as a 3% down payment required
  • A minimum FICO® Score of 620 and even better pricing for credit scores over 680
  • Loans available for borrowers who make 80% or less of the area’s median income
  • Loans available on 1 – 4 unit properties, but with varying down payment requirements on multi-units
  • No minimum required contribution from borrowers for 1-unit properties, borrowers can use any source of funds for the down payment
  • Lower mortgage insurance requirements than standard Fannie Mae loans and it’s cancellable at 80% loan-to-value ratio
  • May include boarder or rental income for qualifying purposes

Have Questions? Let’s Chat.

Call us today at (888) 379-0303 for a Free Consultation and to learn if a HomeReady loan may be right for your situation.

Nice new homes

Loan Requirements

  • A 3% down payment is required, but funds may come from other sources
  • May use household income (non-borrower income) to qualify for the loan
  • All buyers/borrowers must take a Home Buyer Education course (online and at your own pace)
  • You must prove you have the income (from all sources) and stable employment to maintain the payments.

Other terms and conditions will apply. Contact a Mortgage Loan Originator for more information.

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We're dedicated to helping borrowers find the right home loan program for their situation. Contact us today for a free quote and consultation.

Call us today: (888) 379-0303

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