HomeReady Mortgage
Our low down payment HomeReady® Mortgage is designed to help lenders confidently serve today’s credit-worthy low-income borrowers.
Ideal HomeReady Borrowers
- Low income
- First-time or repeat homebuyers
- Limited cash for down payment
- Supplemental boarder or rental income
- Looking to purchase or refinance
Homeownership Education Requirement
If all occupying borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV. Fannie Mae HomeView® can be used to satisfy the homeownership education requirement. Learn more.
Why Choose HomeReady? The benefits are clear.
Click here for more information on any of the features above.
HomeReady Comparison
| 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 & warrants available |
Area Median Income Lookup Tool
Use the interactive map to quickly look up income eligibility by area, property address or Federal Information Processing Standards (FIPS) code.
For Area Median Income Lookup Tool Tips click here.
You can also download Income Eligibility by county (excel).
Read Lender Story
We really strive to find products that will put our members in a better financial situation, so we were delighted to offer HomeReady based on our financial values and corporate mission statement
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