FanneMae Home Ready Mortgage

The Fannie Mae HomeReady Mortgage is designed to help creditworthy borrowers with lower to moderate incomes obtain an affordable mortgage with reduced closing costs. Income from a non-borrower household member may be used for qualification. Another feature of this program is that co-borrowers are not required to live in the home, so a relative or other individual may assist with the home purchase.


  • 3% down payment
  • Lower mortgage insurance requirements
  • No minimum borrower contribution (1 unit properties only)
  • Extended household income can be used for qualification
  • Not limited to first-time home buyers (borrower cannot own other real estate at the time of closing)
  • Homeownership education course required
  • Gifts, grants, and cash-on-hand permitted as a source of down payment and closing costs (1 unit properties only)

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