Homeownership education requirement

Making Homeownership Attainable

Buying a home can feel overwhelming, especially when navigating all the financial options available. Whether you're a first-time homebuyer or simply looking for ways to make homeownership more affordable, several programs exist to help ease the burden. From low down payments to renovation loans, there’s something for every type of buyer.

Explore Your Home Financing Options

Below are some programs that can help make buying your dream home a reality, even if you’re facing challenges like limited savings or non-traditional income sources.

Low Down Payment Mortgage Options

Saving for a 20% down payment isn’t always necessary. Some mortgage options allow you to put down as little as 3%. These programs are designed to help creditworthy buyers who need a more flexible option to afford a home.

HomeReady®

- Down payments as low as 3%.

- Flexible funding sources like gifts or grants.

- Accepts additional income from rentals or boarders.

97% Loan-to-Value (LTV) Financing

- Ideal for buyers with limited resources for a down payment.

- Fixed and adjustable-rate mortgages available.

- Down payment as low as 3% for eligible properties.

HFA Preferred™

- Designed for buyers with low to moderate incomes.

- No first-time homebuyer requirement.

- Reduced mortgage insurance premiums for qualified buyers.

Manufactured Homes: Affordable Homeownership

Manufactured homes offer a cost-effective alternative to traditional site-built homes. Modern designs, energy-efficient features, and customizable options make manufactured homes an appealing option for many.

MH Advantage®

- 30-year fixed-rate loans.

- Low 3% down payment with flexible funding sources.

- Cancelable mortgage insurance once 20% equity is reached.

Financing for Renovations & Energy Upgrades

If your dream home needs some work, there are options to bundle renovation costs into your mortgage, making it easier to upgrade without out-of-pocket expenses.

HomeStyle® Renovation

- Finance improvements up to 75% of the home’s future value.

- Combine renovation costs and mortgage into one monthly payment.

- Options to fund projects like kitchen remodels, in-law suites, or energy-efficient upgrades.

HomeStyle® Energy

- Use up to 15% of the home's future value for energy-efficient upgrades.

- Eligible improvements include solar panels, energy-efficient windows, smart thermostats, and more.

HomePath® Ready Buyer Program

If you're a first-time homebuyer, the HomePath® Ready Buyer program offers a fantastic opportunity to save on closing costs when purchasing a Fannie Mae-owned property. Complete the free HomeView course and receive up to 3% in closing cost assistance.

Shared Equity Programs

These programs provide affordable housing by offering homes at below-market prices in exchange for certain agreements, such as income limits or long-term leases. They are excellent options for first-time buyers or those with moderate incomes.

• Community Land Trust (CLT): Own the home, lease the land long-term at an affordable rate.
• Deed-Restricted Homes: Purchase homes below market price with local government or nonprofit subsidies.
• Limited-Equity Cooperatives: Buy shares in housing co-ops and access affordable homeownership.

Take the Next Step Toward Homeownership

Owning a home is one of the most significant financial steps you'll take in life. The programs outlined here are designed to make that dream more achievable for more people. Explore these options and let us help you find the best financing to suit your needs.

Additional resources from home path from Fannie Mae