Qualifying for a HomeReady Loan
Exact requirements might vary by lender, but Fannie Mae sets the minimum requirements for all HomeReady loan applications.
You could pay as little as 3% down on a HomeReady loan. That’s $6,000 down on a $200,000 home — even less than the FHA’s 3.5% down payment.
HomeReady loan basic requirements
- You must not earn more than 80% of your Census tract’s median income. Check your area’s median income here
- You must agree to complete a 4-6 hour online homeownership education course
- You need a FICO score of at least 620 in most cases
- You need to use the home as your primary residence
- You need a debt-to-income ratio (DTI) no higher than 50%. This is more lenient than most other mortgage programs