HomeReady® by Fannie Mae is an affordable, low down payment mortgage product designed for credit-worthy low- to moderate-income borrowers, with expanded eligibility for financing homes in low-income communities.

  • Low down payment; as little as 3% down for home purchases.
  • Flexible sources of funds can be used for the down payment and closing costs with no minimum contribution required from the borrower’s own funds.
  • Non-occupant borrowers permitted
  • Cancellable mortgage insurance (restrictions apply)
  • Reduced MI coverage requirement for loan-to-value ratios above 90% (up to 97%)
  • Easy-to-use, online Homeownership education course helps buyers get ready to buy a home and be prepared for the responsibilities of homeownership.

Home Possible®

Home Possible® offered by Freddie Mac is an alternative to FHA. It features the ease of a conventional mortgage with a low down payment option and flexible credit terms. Designed for low-to moderate-income homebuyers or buyers in high-cost or underserved communities.

  • Low down payment; as little as 3% down for home purchases.
  • Down Payment can come from a variety of sources, including family, employer-assistance programs and secondary financing.
  • Mortgage insurance (MI) can be cancelled after loan balance drops below 80 percent of the home’s appraised value.
  • Mortgage term flexibility with fixed-rate and adjustable rate terms.
  • Borrowers without credit scores are eligible for mortgages with down payments as low as five percent.
  • Program is not limited to First-Time Homebuyers. Borrowers who meet the income requirements can qualify.


Available to qualified first-time homebuyers for a low down payment of just 3%, the Freddie Mac HomeOne℠ Mortgage is a low down payment option that serves the needs of many First-Time Homebuyers, along with no cash-out refinance borrowers.

  • Choice product for purchasing single family homes, including townhouses and condos.
  • There are no income limit requirements and no geographical restrictions.
  • At least one borrower must be a First-Time Homebuyer if a purchase transaction
  • Standard Mortgage Insurance (MI) coverage applies.
  • All borrowers must occupy the property as their primary residence
  • Homebuyer education required for purchase transactions when all borrowers are First-Time Homebuyers.
  • Down Payment Assistance program and Affordable Secondary financing funds can be used for down payment and closing costs.

HomeReady is a registered trademark of Fannie Mae. Home Possible is a registered trademark of Freddie Mac. HomeOne is a service mark of Freddie Mac.