Low Down Payment Program
Introducing Fannie Mae's HomeReady® Program - a conventional loan program designed to help moderate income households, who can't afford a large down payment, qualify for an affordable mortgage.
HomeReady enables borrowers to potentially qualify for a mortgage with only 3% down and buyers who qualify will benefit from taking the required online homeownership course - the Framework® Homebuyer Education Program. This helps answer your questions about the home buying process and prepares you for the costs and responsibilities of owning a home.
- Extended households may help you qualify - If your household includes members who won't be included on the mortgage - such as relatives or roommates - their income may help you qualify.
- Others who don't live in the home can join you on the mortgage - Co-borrowers on a HomeReady mortgage are not required to live in the home, so relatives or other individuals may assist you with your home purchase.
- Down payments as low as 3%- Ideal for home buyers who can't afford to make a large down payment.
- Savings over the life of the loan - With private mortgage insurance that may cost less over time - may be eligible to be canceled once 20% home equity is reached, unlike mortgage insurance on government-insured loans.
- Homeownership education to help you succeed - Convenient online education that prepares you to buy a home and own a home for the long run.
For more details and to see if you qualify for a HomeReady Mortgage, talk to us.
Our mortgage specialists will help you choose what's right for your unique financial situation.
Call us: 800-217-6629 (Mon-Fri from 9am to 8pm ET)