Fannie Mae hub
HomeReady and other programs
Fannie Mae gives lenders a program called HomeReady. A lender decides whether it fits you.
What HomeReady is
HomeReady is the name of Fannie Mae's program for buyers with modest incomes. A lender that sells to Fannie Mae may offer it. It is a set of terms inside a conventional loan, not a separate lender.
What this page does not say
The terms of HomeReady change, so this page prints none of them. It does not say who is eligible, how much to put down or what it costs. Those come from a lender and from Fannie Mae's own page.
How to ask
Ask a lender, "Could a HomeReady loan work for me, and what would it change about my down payment and my monthly insurance?" Ask for the answer on the Loan Estimate.
Freddie Mac has its own
Freddie Mac has a similar program called Home Possible. The Fannie vs Freddie page puts the two side by side.
What this rests on
Amounts and limits change and differ by lender and by county. Ask a lender, and read the official page. Read the official page.
More Fannie Mae topics
- Fannie Mae does not lend to buyersIt buys loans from lenders. That one fact explains most of the words you will hear.
- Conforming loans and the yearly limitA loan can be too large for Fannie Mae to buy. The limit changes every year.
- PMI versus government insuranceEvery loan with a small down payment has some kind of insurance for the lender. Who provides it differs.
- The home has to pass tooA lender looks at the house as well as the buyer.
- Steps from search to keysThe order is the same for most home loans.
Educational only. AskResi is not a lender.