HomeReady, Home Possible & Special Conventional Options
The affordable conventional programs can reduce down payment barriers, but they are not interchangeable. Income limits, borrower contribution, education and financing sources differ.
Explore Affordable Conventional Options
Fannie Mae HomeReady
80% AMI, 3% down on eligible 1-unit homes, boarder income and flexible funds.
Freddie Mac Home Possible
80% AMI, 3% down, Affordable Seconds and current 2026 changes.
HomeReady vs. Home Possible
Side-by-side differences that can change which agency works better.
Freddie Mac HomeOne
97% LTV first-time-buyer option without Home Possible's AMI cap.
Freddie Mac Refi Possible
Income-limited no-cash-out refinance option for eligible Freddie loans.
Boarder income
Affordable-product exceptions to standard conventional boarder-income limits.
Affordable Seconds / Community Seconds
Subordinate financing that can push total financing above 97%.
Homebuyer education
When education is required and when counseling may be needed.
Official guide baseline
Fannie Mae Selling Guide · Freddie Mac Seller/Servicer Guide
Affordable-conventional product rules are layered on top of ordinary conventional underwriting. Income limits, occupancy, education, LTV and subordinate financing requirements must all be checked.