Fannie Mae HomeReady
HomeReady is Fannie's affordable conventional product for eligible low- and moderate-income borrowers.
Income limit
Total annual qualifying income may not exceed 80% of area median income for the property location. Fannie requires lenders to use the AMI data in DU or Fannie's eligibility tools—not a different published AMI source.
Minimum borrower contribution
For eligible one-unit purchases, HomeReady does not require a minimum contribution from the borrower's own funds even above 80% LTV. For 2–4 unit properties above 80% LTV, the current guide generally requires a 3% borrower contribution unless an applicable grant exception applies.
Multiple properties
HomeReady limits the occupant borrower to no more than two financed properties.
Boarder income
HomeReady has a specific boarder-income exception beyond standard Fannie treatment, subject to shared-residency and receipt-history requirements.
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.