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Low Down Payment Programs

Home Ready & Home Possible

Program Highlights

(Available Everywhere)

There are two easy and beneficial loan programs offered by Fannie Mae (Home Ready) and Freddie Mac (Home Possible) that combine low down payment features with below market mortgage rates.  In many instances, the interest rates, mortgage insurance costs and monthly payments are lower than standard Conventional and FHA loans.

  • 3% minimum down payment on loan amounts up to $647,200 in high cost areas. 5% down minimum for loan amounts up to $970,800. (Home Ready only)
  • Reduced mortgage insurance and options for NO PMI if you qualify.
  • Credit score tolerant for credit scores 680-739 (Lower credit scores don’t have as much an effect on rate as on standard conventional financing)
  • You do NOT need to be a first time home buyer to use either program (cannot currently own a home to utilize Home Possible)
  • Maximum income is based on the median household income. In the DC Metro area, the income limits can go as high as $102,240. To look up the income limit for specific homes, please visit the following sites and enter the subject property address, or feel free to contact us for assistance.

Fannie Mae: Home Ready Site  Home Ready lookup tool
Freddie Mac: Home Possible Site  Home Possible lookup tool

Whether you are a first time or move up buyer, it’s definitely worthwhile to consider both of these products as alternatives to FHA and standard Conventional financing.

Need an even lower down payment?

Maryland Buyers
See available low OR no down payment options HERE.

Washington DC Buyers
See available low OR no down payment options HERE.

Virginia Buyers
See available low OR no down payment options HERE.

Veterans/Active duty military
See available no down payment options HERE.

Buying in a Rural Area
See available no down payment options HERE.

Curious if you qualify?

Call (240) 670-5090
Email us directly, or Pre-Qualify Here