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Loan Program

HomeReady Loans

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Mortgage Home Loan

Qualifying for a HomeReady Loan

To get a HomeReady loan, you’ll have to fall within the program’s income limits, take a short online class about homeownership, and have decent credit.

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
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