Yes — first-time buyers can use HomeReady® with as little as 3% down, cancellable PMI, flexible income, and VLIP grant stacking.
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First-Time Buyers
Yes — HomeReady® is one of the strongest conventional options for first-time buyers: as little as 3% down, flexible income, cancellable PMI, and grant stacking when you qualify.
If you have never owned a home (or meet a first-time buyer definition used by a grant program), HomeReady lets you buy a primary residence with as little as 3% down while staying in conventional financing.
That means private mortgage insurance can cancel once you reach the equity milestones — a major long-term cost difference versus many FHA loans where MIP lasts for the life of the loan when you put less than 10% down.
Ryan and Steve also screen AMI eligibility, homebuyer education, gift funds, and VLIP grant pairing so your first purchase file is structured before you write an offer.
Four advantages that show up on real purchase files — not marketing fluff.
A few checklist items that keep first-purchase HomeReady files moving.
Related HomeReady guides and first-time buyer resources.
Ryan & Steve will check your AMI eligibility, model HomeReady vs FHA, and screen VLIP grant pairing when it applies.
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.