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HomeReady Mortgage Program

3% Down with Flexible Income in Maryland

The HomeReady Loan by Fannie Mae is designed for homebuyers in Maryland who have stable income but need more flexibility to qualify. With a 3% down payment, reduced mortgage insurance, and the ability to use household income to help qualify, it’s a powerful alternative to both FHA and other conventional programs.

If you’re a first-time or repeat homebuyer with low-to-moderate income, this program could help you secure affordable financing — even if your credit or income situation isn’t perfect.

Key Benefits of the HomeReady Loan:

Only 3% down payment required
Reduced mortgage insurance costs compared to standard conventional loans
Flexible income sources allowed, including non-borrowing household members
Available to both first-time and repeat buyers
Can be combined with local down payment assistance programs
No education requirement for buyers who have previously owned a home

What Makes HomeReady Unique?

HomeReady is one of the few loan programs that allows you to use income from a parent, adult child, or other household member — even if they’re not on the mortgage. This expanded qualification option helps more families qualify for the home they need, especially in shared-living or multi-generational households.

It also features more forgiving guidelines around credit history, student loans, and co-borrower structures — making it a strong alternative to FHA for buyers who meet the income limits.

Do You Qualify?

To be eligible for HomeReady, you must:

Have a credit score of at least 620
Earn no more than 80% of the Area Median Income (AMI) for the property location
Occupy the home as your primary residence
Meet standard underwriting and documentation requirements