HomeReady® & Home Possible®
Buy a home with as little as 3% down through two affordable Conventional Loan programs designed for eligible low- to moderate-income home buyers.
Affordable homeownership starts here
HomeReady® and Home Possible® are conventional mortgage programs created by Fannie Mae and Freddie Mac to help make purchasing a primary home more affordable for eligible borrowers. Both programs offer low down payment options, reduced private mortgage insurance (PMI), and flexible qualification features that can help more buyers purchase a home with less money upfront.
Highlights
HomeReady® & Home Possible® features
*For whole loans purchased on or after March 1, 2025, to February 28, 2027, and for loans delivered into mortgage MBS with issue dates on or after March 1, 2025, to February 1, 2027.
Can I qualify?
HomeReady® and Home Possible® are generally available to borrowers purchasing a primary residence and whose income does not exceed 80% of the Area Median Income (AMI). AMI may differ based on the property's location. If you need help determining your eligibility reach out or check below.
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
Both programs offer low down payment conventional financing for eligible borrowers. While they share many similarities, they have different underwriting guidelines and qualification features. Your loan officer can help determine which option is the better fit for your situation.
No. Both HomeReady® and Home Possible® are available to eligible first-time and repeat home buyers.
Yes. Eligible gift funds and other approved funding sources may be used toward your down payment and closing costs, subject to program guidelines.
Eligible property types may include single-family homes, condominiums, planned unit developments (PUDs), and certain manufactured homes, depending on program guidelines.
If you're a first-time home buyer, a homeownership education course is generally required before closing. Your loan officer can explain the requirements that apply to your loan.
Both programs may be available for certain refinance transactions, subject to program eligibility and guidelines.