The HomeReady mortgage loan from Fannie Mae, and the Home Possible mortgage from Freddie Mac are conventional loans that require just a small 3% down payment for first time home buyers.

HomeReady Home Possible program’s features:

• Small 3% down payment
• Slightly better interest rate
• Reduced mortgage insurance

Ideal HomeReady Home Possible Borrowers

• Have low to moderate income
• Are first-time or repeat homebuyers
• Have limited cash for down payment
• Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
• Have supplemental boarder or rental income
• Are looking to purchase or refinance

Flexible Down Payment Options

Your small down payment can come from:

• Your own checking/saving
• Gift from family member
• Your 401k
• Grants and assistance programs

Income and Location Eligibility

Both programs have maximum household income limits based on the census tract the new home will be located. Click the links below to determine your eligibility

HomeReady Income and Location Eligibility Map

Home Possible Income and Location Eligibility Map