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List of lenders that offer HomeReady program in my state

Is there a list of lenders in my state that offer the Fannie Mae HomeReady program?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

The Fannie Mae HomeReady Program is attractive because it enables you to buy a home with a down payment of only 3% and no personal financial contribution.  HomeReady also allows applicants to use non-traditional income sources, including income from boarders and non-occupant co-borrowers such as a parent or relative, to qualify for the mortgage.  Plus the program applies more flexible borrower qualification guidelines, does not charge an upfront mortgage insurance fee and the monthly mortgage insurance you do pay is cancellable after you have sufficient equity in your home (approximately 20%).  So the HomeReady Program offers multiple benefits for borrowers.

 Although Fannie Mae does not provide a list of lenders that offer the HomeReady Mortgage Program by state any approved lender can participate in the program. It is important to highlight that not all Fannie Mae-approved lenders offer the program but many do. To determine if a lender offers the HomeReady program all you have to do is contact the lender and ask. There are several options to contacting lenders in your state and we outline four approaches below:

FREEandCLEAR Rate Tables. To review lenders in your area click INTEREST RATES or contact one the lenders below to determine if they offer the HomeReady program.  We recommend that you contact at least five lenders as program availability varies.  Plus, shopping multiple lenders enables you to find the mortgage with the lowest rates and fees. 

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Current Mortgage Rates as of May 25, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

FREEandCLEAR Lender Directory.  You can use the FREEandCLEAR Lender Directory to search for lenders by state, lender type and loan program. For example, you can search lenders in your state that offer the HomeReady Mortgage Program as well as other low down payment mortgage programs.

Mortgage Broker. We also recommend that you contact a local mortgage broker that offers the HomeReady program as mortgage brokers work with multiple lenders and can comparison shop your mortgage. We typically recommend that borrowers contact both traditional lenders and a mortgage broker to find the mortgage that is right for you.

Local Housing Agency. If the options above are not helpful then you can contact your local housing agency to inquire about the HomeReady program and other no or low down payment mortgage programs.  You can contact housing agencies in your area by clicking Housing Agencies and selecting your state.

In addition to using the resources outline above, we encourage you to review our HomeReady Mortgage Guide as well as our overview of the pros and cons of the HomeReady Program.  These resources address program eligibility, borrower qualification requirements, costs and fees and how you can apply for the program. 

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%
Current Mortgage Rates as of May 25, 2019
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact
View All Lenders

%

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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