What's the difference between Home Possible and HomeReady?

Both are 3%-down low-income conventional programs. HomeReady is Fannie Mae; Home Possible is Freddie Mac. Home Possible is typically slightly more flexible on credit (660 vs 620 minimum FICO) but HomeReady has slightly better PMI pricing for some scenarios. I run both quotes side-by-side on every qualifying file.

Can I use down payment assistance with Home Possible?

Yes. Home Possible accepts the full down payment from gifts, grants, employer assistance, or CalHFA down-payment assistance programs. This is one of the program's biggest advantages for first-generation California buyers.

Conventional & Government

Low-Income Affordable

Home Possible (Freddie Mac)

Name: Francisco Williams — Mortgage Broker
Address: 552 E Badillo St, Covina, CA, 91723, US
Telephone: (213) 880-8107
Price range: $$

Freddie Mac's equivalent to HomeReady — 3% down, reduced MI, flexible sources of funds.

Available throughout Southern California through Francisco Williams, CCIM, NMLS #1858674.

Apply for this program (213) 880-8107

660

Min FICO

97%

Max LTV

Min down

Ideal borrower

First-time buyers under 80% AMI with limited down payment savings.

Program highlights

3% down payment
Gifts, grants, and DPA allowed for full down payment
Reduced MI

Typical uses

First-time purchase

Frequently asked questions

What's the difference between Home Possible and HomeReady?: Both are 3%-down low-income conventional programs. HomeReady is Fannie Mae; Home Possible is Freddie Mac. Home Possible is typically slightly more flexible on credit (660 vs 620 minimum FICO) but HomeReady has slightly better PMI pricing for some scenarios. I run both quotes side-by-side on every qualifying file.
Can I use down payment assistance with Home Possible?: Yes. Home Possible accepts the full down payment from gifts, grants, employer assistance, or CalHFA down-payment assistance programs. This is one of the program's biggest advantages for first-generation California buyers.

Program details shown are representative guidelines and subject to individual lender overlays and CFPB / agency requirements. Rates shown are illustrative and subject to change without notice. Actual rate, APR, and terms will depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors. Not all applicants will qualify.