A HomeReady Home Loan Built Around Your Family Home.

Saxton Mortgage does. At least one HomeReady program we offer finances a primary residence when your total qualifying income is at or below 80% of the area median income. A home with one accessory unit is acceptable. When every occupying borrower is a first-time homebuyer, at least one borrower must complete homeownership education.

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 total qualifying income at 80% 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 neighboring 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.

The limit is set by location, not nationally, so it has to be looked up against the address. Fannie Mae publishes an Area Median Income (AMI) Lookup Tool that returns the figure for a specific property address, an area, or a FIPS code. Give us the address and we will check it with you rather than leaving you to interpret the map.

It is for buyers purchasing a one-unit primary residence they will live in, whose qualifying income falls within the published limit for that property’s location. First-time buyers are eligible and so are repeat buyers. There is no requirement to have owned before, and no requirement to be buying in a particular neighborhood.

Owner-occupied primary residences only. You have to live in the home, so second homes and investment properties are not eligible on this program, and the loan can be used to buy or to refinance without taking cash out.