Home buying that's easier on your budget? It's possible.
Lower upfront costs
You may qualify for a credit towards your 3% down payment or reduced closing costs.
30-year conventional fixed
Payments spread over 30 years are lower, and your interest rate stays the same.
Reduced mortgage insurance
This makes your monthly payment more affordable.
Guidelines for this loan
Income
You'll need to meet income eligibility requirements based on where you want to buy a home.
Home type
Must be your primary residence. You can also use this loan to refinance an existing mortgage.
Credit and debt
You'll need a credit profile above 620 and a manageable debt-to-income ratio (DTI).
Upfront costs
You’ll need a 3% down payment and 3-6% in closing costs. The credit from this program can help with these.
Comparing HomeReady® and Home Possible®
Income cap
Mortgage insurance
Explore loan details
HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA
Get more in-depth details
Articles that give you more information about this loan and explain how mortgages work.
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HomeReady mortgage: How to apply for this loan
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Quick guide to mortgage insurance
6-minute read
Down payment: What is it and how does it work?
6-minute read
HomeReady mortgage: How to apply for this loan
7-minute read
Quick guide to mortgage insurance
6-minute read
Down payment: What is it and how does it work?
Frequently asked questions
Answers to questions about this loan we heard from people like you during research.
HomeReady and Home Possible have an income cap – also called an Area Median Income (AMI) requirement. That means you may qualify if your income is below a certain percentage of the AMI where you want to buy a home.
You can check your income using this look-up tool. But we encourage you to apply or chat with a Home Loan Expert. It’s the best way to find out which income guidelines apply to you. Even if your income doesn’t qualify, we could have other low down payment options for you.
No, you don’t have to be a first-time home buyer to be eligible. Repeat home buyers may also be eligible. If you’re a current homeowner, you can use this loan to refinance to a new rate or term. (Cash-out refinances are not allowed.)
The mortgage you get with HomeReady or Home Possible will be a 30-year fixed rate loan. So the interest rates are usually close to 30-year conventional rates, and typically costs are less.
You can buy a multifamily property with up to four units. You’ll need to live in one of the units and it must be your primary residence.
For more details on guidelines and how to qualify for HomeReady or Home Possible, read this article in the Learning Center.
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