HomeReady® And Home Possible®
These 3% down loans feature reduced mortgage insurance to help you save.
Finds a home that fits your budget!
Reduced Interest Rates
Access the most competitive rates on Homeready® and Home Possible® loans.
30-Year Conventional Fixed
With payments spread over 30 years, your monthly payments are lower, and your interest rate remains fixed.
Reduced Mortgage Insurance
This helps make your monthly payment more manageable.
3 Simple Steps to Secure Your Loan
Apply Online
Start your journey to homeownership by submitting a simple online application, providing key financial details to help us match you with the best loan options.
Chat with an Expert
Connect with one of our experienced loan experts who will guide you through the process, answer any questions, and help you find the best mortgage solution for your needs.
Close Your Loan
Once your loan is approved, we'll guide you through the final steps to close, ensuring a smooth and timely process to get you into your new home.
Frequently Asked Questions
HomeReady mortgages are offered through the Federal National Mortgage Association (Fannie Mae). These loans help low- to moderate-income borrowers buy or refinance a home by reducing the typical down payment and mortgage insurance requirements.
The Home Possible mortgage program, backed by the Federal Home Loan Mortgage Corporation (Freddie Mac), offers similar benefits and requirements as the HomeReady program.
HomeReady and Home Possible loans have an income limit, known as the Area Median Income (AMI) requirement. This means you may qualify if your income is below a certain percentage of the AMI for the area where you wish to buy a home.
You can check your income using this look-up tool. However, we recommend applying or speaking with a Home Loan Expert to get the most accurate information on the income guidelines that apply to you. Even if you don't qualify based on income, we may have other low down payment options available.
No, you don’t need to be a first-time homebuyer to qualify. Repeat homebuyers are also eligible. If you're a current homeowner, you can use this loan to refinance to a new rate or term (cash-out refinances are not permitted).
The mortgage you receive through HomeReady or Home Possible will be a 30-year fixed-rate loan, with interest rates typically comparable to those of 30-year conventional loans.
You can purchase a multifamily property with up to four units, as long as you live in one of the units as your primary residence.
