Fannie Mae’s Home Ready Program – A Program You Need To Know

Mortgage and Lending with Strategic Mortgage NMLS#160440

If you are looking to purchase a home with a lower down payment (3%), have a decent credit score (680 or higher) and make less than $70,000 pre-tax (in Arizona), then you need to know about the Fannie Mae Home Ready program.

The Fannie Mae Home Ready Program requires a 3% minimum down payment but is not limited to first-time home buyers. In fact, you can currently own a home and still use the program to purchase a new primary home.

This unique Fannie Mae backed conventional home loan program most often times, also, has better interest rates than a comparable non-Home Ready conventional loan and less expensive monthly mortgage insurance.

In fact, if you have a 680 credit score or higher, it is almost certain, that the program will save you money on a monthly basis, compared to a standard conventional loan.

There is one major caveat to the program and that is that the program does have income restrictions for certain properties (limiting income to a little over $69,000 annually in most metro areas in Arizona).

However, it’s very easy to check if a property has an income restriction at Fannie Mae’s Home Ready website:

Simply input the property address at the above address and it will tell you whether or not the property has any income restrictions.

So, if you are considering purchasing a home with a low-down payment, make sure to look into the Fannie Mae Home Ready loan program, it may be your least expensive and most attractive option.

As always, it’s best to speak with a licensed lender, such as Strategic Mortgage, to see what all the available options are, for your specific situation.

For more information on home purchase loan or refinance programs for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: or online at

Strategic Mortgage, LLC - AZ BK#0909514 - NMLS#158804 - Equal Housing Lender – Vasilios Bill Kamboukos Jr – NMLS#160440


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