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Just 3% down, reduced mortgage insurance, and flexible income rules. The Fannie Mae HomeReady mortgage makes homeownership accessible for low-to-moderate income borrowers in Texas, Arkansas, and Oklahoma.
HomeReady is a Fannie Mae mortgage program built for creditworthy borrowers whose income does not exceed 80% of the area median income. It combines a low 3% down payment with reduced private mortgage insurance and flexible qualification rules - including the ability to count income from household members, boarders, and rental units. Whether you are a first-time buyer or a repeat purchaser in Texas, Arkansas, and Oklahoma, HomeReady can make the math work when a traditional loan feels out of reach.
One of the lowest down payments available on a conventional loan. Down payment funds can come from gifts, grants, or Community Seconds programs.
HomeReady offers lower private mortgage insurance (PMI) rates than standard conventional loans, and the PMI cancels automatically once you reach 20% equity.
Count income from non-borrower household members, boarders, and accessory dwelling unit (ADU) rental income to help you qualify for more.
A family member who will not live in the home can co-sign to help you qualify, with no minimum borrower contribution required from your own funds.
Unlike FHA loans where mortgage insurance lasts the life of the loan, HomeReady PMI drops off once you hit 80% loan-to-value - saving you money long-term.
Utopia will verify your income against the AMI limits for your area to confirm you qualify for the HomeReady program.
We review your full financial picture, including any boarder or non-occupant co-borrower income, and issue your pre-qualification letter.
If required, complete an online homeownership education course through a HUD-approved provider. The course is often free or low-cost.
Find your home, complete underwriting, and close with as little as 3% down. Welcome home.
Utopia will check the income limits for your area and walk you through the HomeReady program. Spanish translators available.
