Originating & Underwriting

HomeReady Mortgage

 

Fannie Mae HomeView™ is now available. Help first-time borrowers put homeownership into focus with your new go-to homeownership education resource. Learn more.

 

Built with today’s homebuyers in mind

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
  • Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • 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.

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