{"id":21956,"date":"2025-10-24T14:52:42","date_gmt":"2025-10-24T14:52:42","guid":{"rendered":"https:\/\/incredipros.com\/?p=21956"},"modified":"2025-10-24T14:52:42","modified_gmt":"2025-10-24T14:52:42","slug":"guide-to-fannie-maes-homeready-mortgage-program","status":"publish","type":"post","link":"https:\/\/incredipros.com\/?p=21956","title":{"rendered":"Guide To Fannie Mae&#8217;s HomeReady Mortgage Program"},"content":{"rendered":"<div id=\"\">\n<div class=\"overflow-hidden relative bg-blue-50 aspect-video w-full rounded-lg\"><\/div>\n<p>\n            KenWiedemann\/Getty Images\n        <\/p>\n<\/p><\/div>\n<div>\n<div id=\"block_ff4191f24e78f6685557e52b52a1b1fb\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            HomeReady mortgages are a type of conventional loan for lower-income borrowers, backed by Fannie Mae.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            To qualify for a HomeReady loan, your income can\u2019t exceed more than 80 percent of your area\u2019s median income.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            The program offers a low 3 percent down payment minimum and reduced mortgage insurance premiums.\n                                                <\/li>\n<\/ul>\n<\/div>\n<h2 id=\"definition\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"What is a HomeReady mortgage?\" data-outcome=\"\">What is a HomeReady mortgage?<\/h2>\n<p>A HomeReady mortgage is a type of conventional loan that helps qualified lower-income borrowers buy homes or refinance.<\/p>\n<p>The main draw of a HomeReady loan is its low down payment requirement: just 3 percent of the home\u2019s purchase price. That down payment can come from your own savings and\/or a variety of other sources, such as gifts from family or friends and assistance grants.<\/p>\n<p>However, it can only be used for primary residences. You can use it for a detached single-family home or an eligible condo, co-op or manufactured home. You can also use it for a duplex, triplex or four-unit property, provided you live in one of the units as your primary residence.<\/p>\n<p>This type of loan is often a 30-year fixed-rate mortgage, but it\u2019s also available in 10-, 15- and 20-year fixed-rate terms. There\u2019s also an adjustable-rate version, available in five-, seven- and 10-year terms.<\/p>\n<p>HomeReady loans are backed by Fannie Mae, a government-sponsored enterprise (GSE), but Fannie Mae is not the lender \u2014\u00a0the loans are funded by mortgage lenders. You\u2019ll apply for and close the mortgage through a bank, credit union, savings and loan or other lender.<\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    HomeReady vs. Home Possible mortgages\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>Home Possible is a similar program to HomeReady, but it\u2019s backed by Freddie Mac instead of Fannie Mae. Both loans are designed for lower-income borrowers. The key difference: If you\u2019re buying a single-family home at a fixed rate, you\u2019ll need a credit score of at least 660 for a Home Possible loan. You can buy the same type of home with a credit score as low as 620 with a HomeReady mortgage.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"income-limits\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"HomeReady income limits\" data-outcome=\"\">HomeReady income limits<\/h2>\n<p>The HomeReady mortgage program is designed to help lower-income borrowers be able to buy a home. To qualify for one, you\u2019ll need an income at or below 80 percent of the area median income (AMI) in the area in which you plan to buy. You can use Fannie\u2019s Mae\u2019s lookup tool to check AMI limits in your location.<\/p>\n<p>Until Feb. 28, 2026, the program provides a $2,500 lender credit for first-time homebuyers with incomes no more than 50 percent of the AMI. That credit can be applied to the down payment, closing costs or other aspects of the transaction.\u00a0<\/p>\n<p>You are permitted to have one other financed property to your name at the time, in addition to the one you\u2019re buying, per Fannie Mae guidelines.<\/p>\n<h2 id=\"requirements\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Other HomeReady requirements\" data-outcome=\"\">Other HomeReady requirements<\/h2>\n<p>Beyond the income limits, other HomeReady requirements include:<\/p>\n<h2 id=\"pros-cons\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Pros and cons of HomeReady mortgages\" data-outcome=\"\">Pros and cons of HomeReady mortgages<\/h2>\n<h3>Pros<\/h3>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Low down payment: <\/strong>HomeReady mortgages only require 3 percent down, and those funds don\u2019t necessarily have to come from your personal savings. You can use gifts from relatives or friends, for example.<\/li>\n<li>\n<strong>Reduced mortgage insurance: <\/strong>With conventional loans, you\u2019re required to pay private mortgage insurance if you put less than 20 percent down. The HomeReady program lowers these premiums for borrowers who put less than 10 percent down.<\/li>\n<li>\n<strong>Rental income on your application: <\/strong>When you apply for a HomeReady loan, you can include projected rental income as part of your qualifying income, thus boosting your approval chances. This can help borrowers who want the funds for a property they\u2019ll both live in and rent out.<\/li>\n<li>\n<strong>Can be used to refinance: <\/strong>A HomeReady mortgage can be used to refinance your current mortgage, which can help you obtain more favorable loan terms, such as a lower interest rate or reduced monthly payments.<\/li>\n<\/ul>\n<h3 id=\"drawbacks\">Cons<\/h3>\n<ul class=\"wp-block-list\">\n<li>\n<strong>Income limits: <\/strong>Your income cannot surpass 80 percent of your area\u2019s median income. You can use Fannie Mae\u2019s lookup tool to find out whether you qualify based on income.<\/li>\n<li>\n<strong>Property-type limits: <\/strong>HomeReady loans cannot be used to purchase a second home or vacation property.<\/li>\n<li>\n<strong>Loan-size limits: <\/strong>The HomeReady program is subject to conforming loan limits. In 2025, that means you can\u2019t borrow more than $806,500 for a single-family home in most areas. (Some costlier areas, like Alaska, parts of California and Hawaii, have higher limits.)<\/li>\n<\/ul>\n<h2 id=\"faq\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"FAQs\" data-outcome=\"\">FAQs<\/h2>\n<ul class=\"Accordion w-full align\">\n<li x-id=\"['panel-how-do-i-know-if-my-lender-offers-homeready', 'heading-how-do-i-know-if-my-lender-offers-homeready']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-do-i-know-if-my-lender-offers-homeready')\" :aria-controls=\"$id('panel-how-do-i-know-if-my-lender-offers-homeready')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How do I know if my lender offers HomeReady?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-do-i-know-if-my-lender-offers-homeready')\" :aria-labelledby=\"$id('heading-how-do-i-know-if-my-lender-offers-homeready')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<p>\n            You can ask your loan officer to confirm whether the lender provides HomeReady mortgages. Most lenders offer the program, or a version of it, but it might not be advertised as \u201cHomeReady,\u201d Fannie Mae\u2019s brand name for it. Instead, you might see it referred to as a \u201c3 percent conventional loan\u201d or \u201c3 percent first-time homebuyer loan.\u201d\n        <\/p>\n<\/div>\n<\/li>\n<li x-id=\"['panel-how-can-i-apply-for-a-homeready-mortgage', 'heading-how-can-i-apply-for-a-homeready-mortgage']\" x-data=\"{ expanded: 0 }\" class=\"Accordion-item\">\n<button class=\"Accordion-titleContainer py-4 px-3 sm:px-6 group sm:py-6\" type=\"button\" :id=\"$id('heading-how-can-i-apply-for-a-homeready-mortgage')\" :aria-controls=\"$id('panel-how-can-i-apply-for-a-homeready-mortgage')\" :aria-expanded=\"expanded ? true : false\" x-on:click=\"expanded = !expanded\" :data-outcome=\"expanded ? 'open_accordion' : 'close_accordion'\"><!-- htmlmin:ignore --><\/p>\n<h3 class=\"Accordion-title my-0 mr-2 md:flex-1\">\n    How can I apply for a HomeReady mortgage?<br \/>\n    <\/h3>\n<p><!-- htmlmin:ignore --><span class=\"Accordion-icon Icon mb-0 block leading-none Icon--sm icon-base-blue-600\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Caret Down Icon<\/title>\n<path d=\"M12 17.152c-.33 0-.675-.131-.94-.378L3.384 9.09a1.32 1.32 0 0 1 0-1.86c.51-.51 1.351-.51 1.862 0L12 13.977l6.755-6.747c.51-.51 1.351-.51 1.862 0 .51.51.51 1.35 0 1.86l-7.694 7.684a1.295 1.295 0 0 1-.94.378H12Z\" class=\"icon-base\"\/><\/svg><\/span><\/button><\/p>\n<div class=\"Accordion-contentWrapper\" :id=\"$id('panel-how-can-i-apply-for-a-homeready-mortgage')\" :aria-labelledby=\"$id('heading-how-can-i-apply-for-a-homeready-mortgage')\" x-show=\"expanded\" x-collapse=\"\" role=\"region\" style=\"height: 0; overflow: hidden; display: none;\">\n<div class=\"Accordion-content text-gray-700 px-3 pb-4 sm:px-6 sm:pb-6\">\n<p>Depending on the lender, you can begin the HomeReady application process online, by phone or in person.<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<\/div>\n<\/li>\n<\/ul>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"c1B3tcfdL5\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 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0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/mortgages\/homeready\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KenWiedemann\/Getty Images Key takeaways HomeReady mortgages are a type of conventional loan for lower-income borrowers, backed by Fannie Mae. To qualify for a HomeReady loan, your income can\u2019t exceed more than 80 percent of your area\u2019s median income. The program offers a low 3 percent down payment minimum and reduced mortgage insurance premiums. What is<\/p>\n","protected":false},"author":1,"featured_media":21957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-21956","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Guide To Fannie Mae&#039;s HomeReady Mortgage Program | IncrediPros<\/title>\n<meta name=\"description\" content=\"KenWiedemann\/Getty Images Key takeaways HomeReady mortgages are a type of conventional loan for lower-income borrowers, backed by Fannie Mae. 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