HomeReady Mortgage (Fannie Mae)

Administered by: Fannie Mae (Federal National Mortgage Association) · Federal · Government-Guaranteed Mortgage

Funding status: Active

How much assistance

Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment (Government-Guaranteed Mortgage)

Eligibility

  • Income limits: Household income at or below 80% of Area Median Income (AMI) for the property's location
  • First-time buyer required: No
  • Credit score minimum: 620
  • Geographic restrictions: Available nationwide; primary residence only; 1-unit properties, condos, PUDs, manufactured housing
  • Homebuyer education required: No
Visit program website

Notes

Not a direct government loan — Fannie Mae sets guidelines; private lenders originate. 3% minimum down. PMI required until 80% LTV (can be cancelled — advantage over FHA). Reduced PMI rates vs standard conventional. Homebuyer education required only if ALL occupying borrowers are first-time buyers (Fannie Mae HomeView course is free and online). Flexible income sources: non-borrower household income, boarder income, rental income. DTI up to 50%. Repeat buyers eligible. $2,500 lender credit available for first-time buyers at 50% AMI or below (through Feb 28, 2026; may be extended).

Available Statewide In