For borrowers who…

  • Meet HomeReady income limits
    • Have a credit score of at least 620
      • Have supplemental boarder or rental income
  • Are a first-time or repeat homebuyer
    • Have limited cash for down payment
      • Are looking for low-cost refinancing options

What are HomeReady income requirements?

HomeReady is designed to serve low-to-moderate income borrowers.  As such, borrower income limits have been set by Fannie Mae based on the location of the subject property.

Are HomeReady and FHA the same?

No. While both programs are designed to make housing more affordable, they are separate programs with unique features.


Why choose HomeReady?

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Flexible funding

Your cash for down-payment and closing costs can come from multiple sources, including gifts.

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Low down payment

You can qualify for a down payment as low as 3% if you meet HomeReady income limits.

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Lower closing costs

Your closing costs could be lower. We provide closing cost and other assistance up to $2,500.

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Cancellable PMI

You may have the option to cancel your mortgage insurance once your home equity reaches 20% (restrictions apply). This cancellation can result in lower monthly payments down the road.

Have questions about HomeReady?

We’re here to help. 

Details you need to make a smart decision

Program applies to first lien residential mortgage loans to purchase or refinance a primary residence in AL, AZ, CA, CO, FL, NM, & TX. All Borrowers and/or Properties eligible for the HomeReady product are eligible for the up to $2,500 towards closing cost and other assistance. See Fannie Mae’s HomeReady website ( for income limits. Total maximum assistance, including all lender credits, bank paid fees, waived fees, and pricing assistance cannot exceed $2,500. A lender credit of $500 will be applied at closing. Underwriting and processing fees will be waived (an $1,100 value). Additional assistance is applied via a price adjustment and varies by loan size. For purchase transactions, lender credits cannot be used to offset fees or charges already being paid by the property seller in accordance with the sales contract.

Certain restrictions apply. Talk with a BBVA mortgage expert for details. All loans subject to program eligibility, underwriting and collateral requirements and approval, including credit approval.

HomeReady is a registered trademark of Fannie Mae. BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA Group. BBVA USA, Member FDIC and and Equal Housing Lender. NMLS# 402936. Rev. 07/2019