California HomeReady (Fannie Mae) - 3% down payment

An Affordable Mortgage for Underserved Markets

HomeReady is a conventional, community lending mortgage that offers underwriting flexibilities to qualified borrowers who meet specific income criteria or properties that meet geographic location eligibility criteria.

HomeReady also permits additional eligibility-based options: Community Solutions™ for public safety, education, military and health care professionals, and Community HomeChoice™ for individuals with disabilities.

Key Features

  •  Low mortgage insurance (with no additional loan-level price adjustment [LLPA])

  • 25% coverage for 95% LTV

  • 30-year terms

  • LTVs to 97% for one-unit properties

  • Available for two- to four-unit owner-occupied properties (LTV up to 85% for 2-unit, 75% for 3-4 unit)

  • Flexibility on credit histories (LTV up to 97%)



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