HomeReady Loan
Fannie Mae's HomeReady program is designed for low-to-moderate income borrowers. It offers down payments as low as 3% with flexible income sources and reduced mortgage insurance costs.
3%
Min. Down Payment
620
Min. Credit Score
Apply
Income Limits
Key Features
- Down payment as low as 3%
- Reduced mortgage insurance costs
- Flexible income sources accepted
- Homeownership education required
Benefits
- Lower down payment than conventional loans
- Reduced PMI compared to standard loans
- Boarder or roommate income can be counted
- Competitive interest rates
Requirements
- Income limits apply (80-100% of area median)
- Credit score of 620+
- Complete homeownership education course
- Property must be primary residence
Ideal For
- First-time homebuyers
- Low-to-moderate income buyers
- Buyers with limited down payment savings
- Those in lower-income census tracts
Ready to Get Started?
Contact Jimmy Joseph MBA to discuss your homeready loan options.
Jimmy Joseph MBA
NMLS #1577754
Branch NMLS #2477715
Let's Find Your Perfect Mortgage
Every situation is unique. Get personalized guidance from Jimmy Joseph MBA to find the best solution for you.