HomeReady

The Affordable Home Loan You’ve Been Looking For

A HomeReady Loan Puts Homeownership Within Reach

You don’t always need a large down payment to purchase a home. Fannie Mae built the HomeReady mortgage especially for people with modest savings. Borrowers enjoy a lower down payment, flexible guidelines, and a monthly payment that matches their income.

Features and Benefits:

• Low down payment
• Income from extended family may help you qualify
• Gifts and grants available for a low down payment and closing costs (1-unit properties only)
• Co-borrowers may be able to assist with buying the home
• Additional sources of income may help you qualify, such as rental payments from a basement apartment
• Mortgage insurance lower than most conventional loans