A HomeReady Home Loan Built Around Your Family Home.
Fannie Mae’s HomeReady helps buyers within the area income limit purchase a primary residence, with a low down payment and reduced mortgage insurance.*
HomeReady income limits, and flexible ways to buy.
Most buyers start here, and for good reason.
- Standard documentation: income, assets, and credit
- Low-down-payment options for qualified buyers*
- First-time and repeat buyers welcome
- Purchase or refinance an owner-occupied primary residence*
- Purchase and rate and term refinance, with low-down-payment options*
- Cancel mortgage insurance once you reach sufficient equity*
Loans from eligible amounts up to conforming loan limits*
Buy or refinance without cash out
Owner-occupied primary residence only
Standard documentation: income, assets, and credit
Low-down-payment options available*
Fixed-rate and adjustable-rate (ARM) options
What is the Saxton HomeReady Loan?
An affordable conventional option for buyers at or under the area income limit
The Saxton HomeReady Loan is a full-featured mortgage that follows Fannie Mae and Freddie Mac guidelines, built for buyers whose income falls at or below the area median.
Qualify with standard documentation: income, assets, and credit reviewed the usual way.
Use it to purchase a home, or to refinance your current mortgage on a rate and term basis, on a primary residence. Cash-out refinances are not eligible on this program.*
Why choose the Saxton HomeReady Loan?
Built for buyers at or under the area median income.
First-Time Buyers
Low-down-payment options make buying your first home more attainable.*
Moderate Income Buyers
This program is for a home you live in, and your qualifying income must fall under the county limit that defines eligibility. It is the income of the people on the loan that counts, not everyone living in the house.
Move-Up & Repeat Buyers
Buy your next home while the income limit still works in your favor.
Rate And Term Refinance
Refinance to improve the rate or the term without taking cash out.
Cancel Mortgage Insurance
Once you build enough equity, mortgage insurance can be removed.*
Boarder Income Counts
Rent from someone sharing the home can be counted toward qualifying.
Hear From Homeowners Like You
Frequently Asked Questions
The questions we get asked most about the HomeReady Affordable Loan.
Conventional loans follow conforming limits set each year, which vary by county and property type.
Yes. Low-down-payment options make buying your first home more attainable.*
Use it to purchase a home or to refinance your current mortgage on a rate and term basis, on a primary residence. Cash-out refinances are not eligible on this program.
Conventional loans generally start around a 620 credit score, with better terms at higher scores.
Less than most people expect. Conventional financing has low-down-payment tiers, and the requirement moves with your credit profile and the occupancy.*
Yes. Fixed-rate and adjustable-rate (ARM) options are available on eligible programs.
No. Cash-out refinances are not eligible on this program.*
HomeReady caps qualifying income at a share of the area median income for the property’s location, so the limit changes county by county. Fannie Mae publishes an official area median income lookup tool that is updated each year. Because the limit is address specific, the only reliable answer is to check the property.
Fannie Mae compares your qualifying income against the median income for the area where the home sits, not where you live now. Two homes in neighbouring counties can have different limits. Income from all borrowers on the loan counts, and some household income may be treated differently, so a loan officer should review your file.
Both are low down payment conventional programs with income limits, but HomeReady is Fannie Mae’s and Home Possible is Freddie Mac’s. They differ in details such as acceptable income sources, boarder income rules, and how mortgage insurance is handled. A loan officer can compare both against your file.
In many cases yes, at least one borrower completes an approved homebuyer education course. It is usually an online course taking a few hours, and often there is no cost. Your loan officer will confirm whether your particular file requires it before closing.
Find out what you qualify for
Whether you’re buying your first home or your next one, there’s likely a Saxton HomeReady Loan program that fits. Get a fast, no-obligation pre-qualification today.
Get Pre-Qualified- Fannie Mae, HomeReady Mortgage
- Consumer Financial Protection Bureau, buying a house: tools and resources for homebuyers
*Loan amounts, rates, terms, and down payment requirements are subject to credit approval, income and asset verification, and program eligibility. Loan limits follow the annual conforming limits set by county. Down payment and cash-out limits vary by occupancy, credit score, and documentation type. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.