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Fannie Mae HomeReady
Fannie Mae
3% down, reduced PMI, $2,500 credit for very-low-income
Overview
Conventional 3% down loan with reduced mortgage insurance for low-to-moderate income buyers.
Detailed requirements
Income ≤80% AMI in census tract. 3% down (can be entirely from gift/grant). Reduced PMI vs. standard conventional. Homebuyer education required. $2,500 credit available for very-low-income borrowers (≤50% AMI).
Eligibility at a glance
- Max income (% AMI)
- 80%
- Min credit score
- 620
- Owner-occupied required
- Yes
- Homebuyer education required
- Yes
Ready to apply?
A free grant specialist walks you through eligibility and the official application in one short call.
Last verified 2026-09-02. Updated weekly. Always confirm details on the official program page before applying.