Highlights of the HomeReady® Mortgage Program:

• Down payment as low as 3% for eligible borrowers purchasing a primary residence*
• Cancelable private mortgage insurance once sufficient equity is reached (restrictions apply)
• Ability to use flexible fund sources for down payment and closing costs (gift funds, grants, or Community Seconds®)
• Homebuyer education is required when all borrowers are first-time homebuyers, helping you with home financing success.

What is the HomeReady® Mortgage Program?

HomeReady® is a conventional mortgage program developed by Fannie Mae to help creditworthy homebuyers with low-to-moderate income purchase a home with a low down payment and flexible qualifying income sources. HomeReady® may also offer competitive pricing when compared to other conventional mortgage programs*.

HomeReady® Loan Requirements

To qualify for a HomeReady® mortgage, borrowers must meet certain eligibility guidelines established by Fannie Mae.

Common requirements include:

• Household income typically at or below 80% of area median income (AMI), with no income limit in certain designated low-income census tracts
• Minimum 3% down payment
• A qualifying credit score and debt-to-income ratio
• Completion of a Fannie Mae approved homebuyer education course when all borrowers are first-time homebuyers

Who Benefits from a HomeReady® Mortgage?

HomeReady® has benefits for first-time or repeat homebuyers with:

• Low-to-moderate income (generally up to 80% of the area’s median income*)
• Limited cash for a down payment
• Supplemental income from boarders or rental payments

For more information, visit the Fannie Mae HomeReady® website.

^{* Product information effective 1/1/26. Certain restrictions apply. Guidelines and product availability subject to change at any time. Subject to income limitations. Requires homebuyer education per guidelines.}