HomeReady Mortgage
“I want a low-down payment with flexible funding.”
HomeReady is Fannie Mae's low-down-payment loan designed to make homeownership reachable for low- to moderate-income buyers — as little as 3% down, with flexible sources for that down payment.
What Is a HomeReady Mortgage?
HomeReady is a conventional loan from Fannie Mae built for creditworthy low- to moderate-income borrowers. It allows a down payment as low as 3%, and that down payment and closing costs can come from flexible sources like gifts, grants, and down-payment assistance.
It also offers reduced mortgage insurance and can consider income from the whole household, making it easier to qualify.
Who a HomeReady Loan Is Right For
- First-time and repeat buyers with low-to-moderate income
- Borrowers who want a low 3% down payment
- Buyers using gift funds or down-payment assistance
- Households with additional income from co-residents
- Those who want lower mortgage insurance than standard conventional
Frequently Asked Questions
How much do I need to put down for HomeReady?
As little as 3%, and the down payment and closing costs can come from gifts, grants, or down-payment-assistance programs.
Are there income limits for HomeReady?
Yes — HomeReady is designed for low- to moderate-income borrowers, with limits based on your area. Your loan officer can confirm whether you qualify.
Explore other loan programs
Let’s talk numbers.
Talk to a Dream Team loan officer about the HomeReady Loan and find out if it’s your best option.
ALCOVA Mortgage, LLC — NMLS #40508 (www.nmlsconsumeraccess.org). Equal Housing Lender. Informational only; not a commitment to lend. All loans subject to underwriting approval.