Renovation costs cannot exceed 75% of the lesser of purchase price plus renovation costs, or as-completed appraised value. No minimum renovation amount.
Maximum renovation costs equal 50% of the as-completed appraised value.
Consultant required only in Alaska, California, Hawaii, and New York . Otherwise, not required by the matrix.
One general contractor manages the project; specialty contractors permitted as needed.
When paired with HomeStyle Renovation, eligible HomeReady borrowers may receive:
HomeReady HomeStyle only
Locked to primary-residence HomeReady rules — 97% LTV, 3% down alerts, $50,000 minimum loan, 75%/50% repair caps, contingency, draw admin, consultant toggle, and financed PITI reserve.
Program locked on this page
$ down
Estimated Monthly Payment
Rehab escrow breakdown
Same HomeStyle rehab mechanics — different occupancy and LTV rules than standard HomeStyle, and different insurance than FHA 203(k).
Guides
Deep-dive guides on eligibility, 3% down, income limits, credit, improvements, contractors, fund draws, FHA 203(k) comparison, and more — all for primary-residence buyers pairing HomeReady with HomeStyle.
Ryan and Steve will confirm your HomeReady AMI eligibility, size the rehab escrow, and compare this path with standard HomeStyle and FHA 203(k) before you write an offer.
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.