HomeReady & Home Possible Loans

Qualifying for a home loan once seemed far out of reach for many individuals because many loan programs once required a significant down payment, strict credit score requirements, or property qualification restrictions.

To encourage more borrowers to join the market, government sponsored enterprises developed new loan programs with more attractive and less restrictive loan requirements that opened the doors for many to purchase a home of their own. Government-Sponsored Enterprises, or GSEs, are private institutions established through Congress to provide funding to lenders and guaranteeing third-party loans. They also purchase loans on the secondary market, furthering the contributions to lenders which in turn enable them to offer more loan programs.

The most commonly known GSEs are Freddie Mac and Fannie Mae and the affordable home loan programs they provide to potential homebuyers—the HomeReady Loan and the Home Possible Loan.

HomeReady Loan & Home Possible Loan

The HomeReady Loan was created and is sponsored by Fannie Mae; this program allows for home loans to be financed with as little as 3 to 5% down. The Home Possible Loan is a similar mortgage program provided by Freddie Mac with a down payment requirement as low as 3%. With the lower down payment requirements and both loans accepting borrowers with a FICO score of 620 or higher, these programs enable more borrowers with moderate income levels to afford buying a home.
To learn if you qualify for a HomeReady or Home Possible conventional loan, contact us today to review your mortgage needs and current financial standing. We are here to help you go home.
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