Loan Options
HomeReady & HomePossible
Overcome some of the obstacles to obtaining an affordable mortgage. Talk to local experts to see if you qualify.
- 3% down payment
- Cancellable mortgage insurance
- Lower rates and easier qualification
What is HomeReady and HomePossible?
HomeReady and HomePossible by Fannie Mae and Freddie Mac provide 3% down lending options for low to moderate-income borrowers. They also offer below-standard interest rates, flexible credit requirements, and reduced private mortgage insurance (PMI) rates. It is an excellent alternative to an FHA Loan if you qualify.
Am I eligible for HomeReady/HomePossible?
Income limits do apply for the HomeReady program. If your income is equal to or less than 80% of the average median income in your purchase area, you may be eligible. If you’re purchasing in a low-income census tract, there are no income limitations.
Is HomeReady or HomePossible right for me?
HomeReady is a great way to become a homeowner for less per month and without a large down payment. Plus, the down payment can even come from flexible sources such as gifts or grants. However, if you are still in the process of building or repairing your credit, a 3.5% down FHA Loan may be best for you. Talk to a mortgage banker for personalized advice.
