HomeReady Mortgage (Fannie Mae)

How much assistance

Up to conforming loan limits ($832,750 standard / $1,249,125 high-cost in 2026); 3% minimum down payment (Government-Guaranteed Mortgage)

Eligibility

• Income limits: Household income at or below 80% of Area Median Income (AMI) for the property's location
• First-time buyer required: No
• Geographic restrictions: Available nationwide; primary residence only; 1-unit properties, condos, PUDs, manufactured housing
• Homebuyer education required: No

Notes

Not a direct government loan — Fannie Mae sets guidelines; private lenders originate. 3% minimum down. PMI required until 80% LTV (can be cancelled — advantage over FHA). Reduced PMI rates vs standard conventional. As of Nov 16, 2025, Fannie Mae removed the hard 620 minimum credit score for DU-approved loans; automated underwriting now evaluates risk holistically (most approved loans will still have 620+ scores, but compensating factors can offset lower scores). Homebuyer education required only if ALL occupying borrowers are first-time buyers (Fannie Mae HomeView course is free and online). Beginning Jan 28, 2026, at least one borrower must be a first-time buyer to receive the $2,500 credit. Flexible income sources: non-borrower household income, boarder income, rental income. DTI up to 50%. Repeat buyers eligible. $2,500 lender credit available for first-time buyers at or below 50% AMI (extended through Dec 31, 2026; loans must be delivered by Feb 28, 2027). Updated March 2026.

Cities Where This Program Is Available

• Charleston, SC
• Charlotte, NC
• Raleigh, NC
• Spartanburg, SC
• Wilmington, NC
• Greensboro, NC
• Greenville, SC
• Durham, NC