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.
Conventional financing with a low cash requirement — keep more reserves after you get the keys.
Unlike FHA MIP, HomeReady mortgage insurance can cancel once you reach the equity milestones.
Boarder income, accessory unit rent, overtime, part-time, and non-occupant co-borrowers can strengthen your file.
Eligible Indiana buyers can stack a $2,500 VLIP credit with HomeReady through February 28, 2027.
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.
Check My EligibilityHomeReady 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.
Documented rent from a boarder living in the home can count toward qualifying income.
Rental income from a legal accessory unit on the property may be used when guidelines are met.
Variable and secondary income can qualify when history and documentation support continuity.
A parent or relative who will not live in the home can help you qualify while you occupy as your primary residence.
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.
Grant amount
$2,500 toward cash to close
Income target
≤ 50% Area Median Income
Buyer status
At least one first-time homebuyer
Available through
February 28, 2027
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.
Start Pre-ApprovalIncome-eligible first-time buyers
Ready to buy with limited cash but strong enough credit for conventional pricing.
Multi-generational households
Families who share housing costs and can document boarder or co-borrower support.
Buyers comparing FHA vs conventional
Anyone who wants cancellable PMI and may qualify for VLIP on a Fannie Mae loan.
1–4 unit owner-occupants
Purchase a duplex, triplex, or fourplex as your primary residence when guidelines allow.
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.