HomeReady® HomeStyle® down payment as low as 3% on primary purchase and refi — 97% LTV, gift funds, and cash-to-close planning for fixer-uppers.
Home
Renovation Loans
HomeStyle
HomeReady HomeStyle
Down Payment
Eligible HomeReady borrowers can put as little as 3% down on purchase and limited cash-out refinance — 97% LTV against after-improved value on a primary residence, with reduced PMI and HomeReady income limits applying.
HomeReady HomeStyle caps LTV at 97% for eligible borrowers on both purchase and limited cash-out refinance. Your down payment (or equity on refi) is calculated against the total loan amount — acquisition cost plus eligible renovation escrow — relative to after-improved appraised value.
You may put more than 3% down when it improves pricing or DTI, but the program's affordability hook is the low minimum for income-qualified primary buyers who meet ~80% AMI limits.
Renovation contingency (minimum 10%, or 15% if utilities are off) and draw administration fees typically roll into the rehab escrow — not paid separately as out-of-pocket renovation cash at closing.
Renovation dollars go into escrow at closing — you are not wiring the full rehab budget to the contractor on day one.
Related HomeReady HomeStyle guides and sister programs.
Ryan & Steve model cash-to-close on your fixer-upper — purchase plus rehab at 97% LTV when HomeReady AMI rules are met.
HomeReady and HomeStyle are registered trademarks of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, income limits, LTV 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.