HomeReady® Mortgage (Fannie Mae)
The HomeReady® mortgage is a low down payment conventional loan designed to help buyers who have solid credit but limited savings for a down payment. It’s one of the most popular options for first-time and repeat homebuyers in Washington State, especially in higher-cost areas like Seattle, King County, Pierce County, and Snohomish County.
With as little as 3% down, reduced mortgage insurance, and flexible qualifying guidelines, HomeReady can be a strong alternative to FHA financing — particularly for buyers who want a conventional loan with long-term savings.
Why buyers choose HomeReady
- 3% minimum down payment
- Lower mortgage insurance compared to FHA
- Mortgage insurance can be canceled once equity requirements are met
- Flexible income guidelines, including household income
- Down payment assistance and gift funds allowed
- Competitive rates in many market conditions
Who HomeReady works best for
- Buyers with moderate income for the area
- Multi-generational households
- Buyers who want a conventional loan instead of FHA
- Buyers combining a low down payment with down payment assistance
- Not limited to first-time homebuyers
HomeReady does have income limits, which vary by county and household size. These limits are higher in many Washington counties due to higher housing costs.
👉 Learn more about HomeReady mortgages in Washington State
👉Check out other Mortgage Programs in Washington State
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