Designed for creditworthy, low- to moderate-income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities. HomeReady allows lenders to lend with confidence while expanding access to credit and supporting sustainable home ownership.

This loan was created based on Fannie Mae’s Economic and Strategic Research group that reported a “demographic sea change” in the housing market, characterized by the rise of the Millennials, increased diversity, and a growing elderly population; and new household growth is being driven by traditionally underserved segments.

  • Lower monthly mortgage insurance
  • Low down payment. Up to 97% financing for home purchase with many borrower flexibilities.
  • Product features designed to align with today’s buyer demographics and support sustainable homeowners
  • Down payment can be a gift from acceptable sources and can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds (1-unit properties).
  • Conventional home financing with cancellable monthly mortgage insurance.
    Reduced MI coverage requirement above 90% LTV supports competitive borrower payment.
  • Homeownership education class required to help buyers get ready to buy a home and be prepared for the responsibilities of homeownership.
    The required training offers an easy-to-use, online course provided by Framework.