Buy And Sell With Debby Clark, Metro Brokers of OK

Home Ready / 3% Down Payment Loan

About The HomeReady™ Mortgage

HomeReady™ is a mortgage program created in December 2015. It’s backed by the U.S. government via Fannie Mae and available via most U.S. lenders.

Via HomeReady™, households in lower-income neighborhoods and in minority-heavy areas can get easier access to low-downpayment mortgages at today’s current rates.

HomeReady™ allows a downpayment of just 3% on a home and permits the “income pooling” for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan.

For many families, this can mean the difference between getting approved for a loan and getting turned down.

HomeReady™ can also be used for a refinance, allowing up to 97% loan-to-value (LTV) in some cases.

In order to be eligible for the HomeReady™ program:

  1. You must not be an owner of another residential property in the United States
  2. You must agree to complete a 4-6  online homeowner counseling course

If you can meet these two criteria, you may be HomeReady™-eligible.


This is for information purposes only and is not an advertisement to extend customer credit. Program rates, terms and conditions are subject to change at any time.