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Buying a home

HomeReady

The short answer HomeReady is Fannie Mae's conventional mortgage program for qualifying lower-income borrowers, and eligible transactions can use a small down payment. Income eligibility is tied to the area median income where the property is located, not a statewide average. Homebuyer education and underwriting requirements depend on the transaction.

Last reviewed: October 18, 2026 · General education, not a loan offer or approval. Availability and terms depend on the lender, the property and your file.

It may fit if

  • Your household income may be modest for the area where you want to buy.
  • You are buying or refinancing a primary home, whether or not it's your first.
  • You plan to use gift funds or other permitted sources toward the purchase.

Tradeoffs to weigh

  • Income limits depend on the property's location, so eligibility can change from one address to another.
  • Homebuyer education may be required before closing.
  • Mortgage insurance and closing costs still apply.

What to have ready

  • The address or ZIP code of the home you're considering.
  • Your household income and how you're paid.
  • Any gift funds or assistance you plan to use.
  • Your timeline, so required education can be started early.

Questions people ask

Must I be buying my first home?

No. HomeReady is not limited to first-time buyers, although other eligibility and education requirements apply.

How do you check the income limit?

It's checked using the property's location and the current agency lookup. Eligibility should not be estimated from a statewide average.

Your next step

Tell me what you're trying to do. I'll check which options fit your situation and walk you through the tradeoffs.

Start my applicationTalk to Marcus

Related topics

Conventional mortgage Low-down-payment conventional loan (Conventional 97) Home Possible FHA mortgage VA mortgage USDA-backed home loan See the loan programs All topics

Sources

Official program and consumer sources this page is based on. Lender rules can be stricter than these.

Marcus Wright
Who you'll work with

You work with me, start to finish.

Marcus Wright · Loan Officer, NMLS #2789841

Originates through Q Mortgage LLC, NMLS #2567464. Licensed in Texas.

Check my license on NMLS Consumer Access

I aim to get back to you within a few working hours, often sooner.

Se habla español. Every page and form here works in Spanish.

How it works

  1. 1. Tell me your goalCall, book a time or send a note. No SSN and no credit check to start a conversation.
  2. 2. I compare your optionsI look at your income, property and plans, and explain the costs and tradeoffs of each route in plain language.
  3. 3. Apply when you're readyYou apply through a secure application. The lender's underwriting makes the final decision, and I keep you updated until closing.
Contact

Let's talk about your loan.

Call, book a time, or send a quick note. Whatever's easiest.

(682) 403-3406Tap to call Pick a timeBook a call on my calendar Weekend timeSat–Sun, 11 a.m.–7 p.m. Central. I confirm it personally. marcus@qmortgage.aiEmail me anytime

Hours Weekdays 8 a.m.–8 p.m. Central. Weekends 11 a.m.–7 p.m. Central by appointment.

I aim to get back to you within a few working hours, often sooner.

Tell me about your loan