Buy with as little as 3% down through Fannie Mae HomeReady. Flexible income, cancellable PMI, and VLIP grant pairing for Indiana buyers.
Buy your primary home with as little as 3% down , flexible income sources, and cancellable PMI — built for income-eligible buyers who want conventional financing that actually fits.
Why buyers choose it
HomeReady lowers the cash barrier of a traditional conventional loan without locking you into FHA mortgage insurance for the life of the loan. Ryan and Steve underwrite through Luminate Bank so your AMI, income mix, and VLIP eligibility are checked before you write an offer.
At a glance
Guidelines update with Fannie Mae selling guides. The snapshot below is educational — your pre-approval uses current overlays for credit, AMI, and property type.
Answer a few quick questions about occupancy, income, credit, and down payment — we will screen you against HomeReady guidelines and flag VLIP grant pairing when it applies.
HomeReady requires a primary residence
Investment properties and second homes do not qualify for HomeReady. Ryan and Steve can still walk you through conventional or DSCR options for non-owner-occupied purchases.
Preliminary result
VLIP grant screening ($2,500 credit)
• Income appears above the 80% AMI estimate — standard conventional or other programs may still work.
• Scores below 620 usually need credit strengthening before conventional approval.
• HomeReady requires at least 3% down — DPA programs like VLIP or Chenoa may help bridge the gap.
• With 3% down your LTV may exceed 95% — plan for a HUD-approved homebuyer education course before closing.
Educational screening only — AMI limits vary by county and household composition. Final HomeReady eligibility is confirmed during underwriting against current Fannie Mae selling guides.
Not required for HomeReady, but helps us flag VLIP grant pairing.
Where are you buying, and what is your household income?
Area:
HomeReady limit for your area: (80% AMI)
HomeReady advantage
Many buyers qualify on paper once every income stream is counted correctly. HomeReady is designed for multi-generational households, side income, and rental potential on the same property.
Stack more savings
Very Low Income Purchase (VLIP) grants can add a $2,500 credit toward down payment, closing costs, pre-paids, or mortgage insurance — when household income is at or below 50% AMI and at least one borrower is a first-time buyer.
Buy or refi + renovate
HomeReady HomeStyle Renovation rolls purchase or limited cash-out refinance and rehab into one conventional mortgage — still as little as 3% down on your primary residence.
If your income qualifies and you are buying a home to live in, HomeReady is often the cleanest path to low-down conventional ownership — especially when FHA MIP would cost more over time.
Mortgage Knowledge Center
Deep-dive guides covering everything from what HomeReady is and who qualifies to PMI, refinance, documents, and whether the program is right for you.
Ryan and Steve will check your AMI eligibility, model HomeReady vs FHA, and see if a VLIP grant lowers your cash to close even further.
HomeReady is a registered trademark of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, income limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.