Question 1

What are HomeReady® and Home Possible® loans?

Accepted Answer

They’re affordable conventional programs designed for qualified low-to-moderate income borrowers, often with flexible guidelines and low down payment options.

Question 2

How much down payment is required?

Accepted Answer

Many borrowers can qualify with as little as 3% down, depending on income, credit, and property eligibility. Estimate payments with our [mortgage calculator](/calculators/mortgage).

Question 3

Can I use household income to help qualify?

Accepted Answer

Some versions of these programs allow certain household income to be considered even if that person isn’t on the loan (rules vary). We’ll confirm what applies to your situation when you [apply online](/app).

Question 4

Is mortgage insurance cheaper with these programs?

Accepted Answer

Mortgage insurance may be reduced compared to standard conventional options depending on factors like income and down payment. We can price it out for you—[apply online](/app).

Question 5

Are these programs only for first-time homebuyers?

Accepted Answer

Not always. Eligibility is typically based on income limits, occupancy, and other guidelines. We’ll confirm program fit during your pre-approval.

Question 6

How do I know if my income is within program limits?

Accepted Answer

Limits vary by area and household size. The quickest way to know is to start an [application](/app) so we can check guidelines for your county.

HomeReady® & Home Possible®

Smart solutions for today’s buyers — with reduced mortgage insurance and low down payments, these loans make homeownership more affordable for more people.

Lower Upfront Costs

Fixed 30-Year Term

Reduced Mortgage Insurance

Accessible Credit Requirements

First-Time & Repeat Buyers

Real answers. Real people.

Estimate and explore

Mortgage calculator

Refinance calculator

Frequently Asked Questions

Your homeownership dream is possible