Home Possible/ Home Ready

Home Possible/ Home Ready 2018-02-27T03:44:44+00:00

Many potential homeowners may be concerned about the need for a large down payment in order to successfully obtain a home loan.  There are many home loans that homebuyers can qualify for without such a substantial down payment. The HomeReady™ Loan and the Home Possible® Loan are two such loans.

Originally designed to help individuals with low to moderate income to purchase their own home and stimulate the real estate market, both the HomeReady™ and Home Possible® Loan options have helped tens of thousands of families find a place to call their own.

Both loans are Conventional Loans because they are not guaranteed or insured by the federal government (like VA and FHA loans are) but do have limits and requirements set by Fannie Mae and Freddie Mac.

HomeReady™ Loan Features:

  • Sponsored by Fannie Mae
  • Financing up to 97% loan-to-value (LTV) or up to 95% LTV for refinancing
  • Perfect solution for homebuyers with low to moderate income
  • Requires a minimum FICO score of 620
  • Borrowers do not have to be a first-time homebuyer
  • Cancellable mortgage insurance
  • No geographical restrictions
  • Flexible funding: cash for down payment and closing costs can come from gifts or personal funds
  • Eligible for online homeownership education through Framework®


Home Possible® Loan Features:

  • Sponsored by Freddie Mac
  • No cash out refinancing options up to 97% LTV
  • Perfect solution for homebuyers with low to moderate income or qualifying individuals in high-cost areas
  • Requires a minimum FICO score of 620
  • Flexible funding: cash for down payment and closing costs can come from gifts or personal funds
  • Cancellable mortgage insurance
  • 97% financing available as a fixed-rate 30-year mortgage

Additional Information:

HomeReady™ Loan Eligibility Tool

HomeReady™ FAQ

Home Possible® Loan Eligibility Tool

Home Possible® FAQ