The program offers flexible down payment requirements. HomeReady loans are offered by Fannie Mae to both first-time homebuyers and repeat buyers with credit scores of at least 620.
Perhaps the most significant difference is each program’s credit score requirements - a 620 score for HomeReady and a 660 score requirement for Home Possible - which could significantly impact your eligibility. The programs have slightly different requirements. The HomeReady and Home Possible programs each allow you to make a small down payment on your home purchase. ”Click Fannie Mae’s HomeReady vs Freddie Mac’s Home Possible Fannie Mae and Freddie Mac also offer homebuyers low down payment options.īoth Fannie Mae’s HomeReady and Freddie Mac’s Home Possible loans allow you to buy a house with just 3% down and lenient credit requirements.Īlthough similar on the surface, there are some key differences that you should be aware of when considering the HomeReady or Home Possible programs. If you want to buy a home without a large down payment, there are plenty of government-backed programs available.
