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The 3% conventional eligibility path

Nine steps.
Low down payment, reduced MI.

HomeReady (Fannie Mae) and Home Possible (Freddie Mac) offer a low down payment and reduced mortgage insurance for eligible buyers. Income limits apply, and homebuyer education is required - here is the path from your first AMI check to closing day.

The eligibility path, step by step
Step 1

Check your AMI

Confirm your household income is at or below 80% of the area median income (AMI) for the property location - the foundational eligibility test.

Step 2

Start homebuyer education

At least one borrower completes an approved course (Framework or HUD-approved) before loan closing - required, not optional.

Step 3

Get pre-approved

Pre-approval confirms program eligibility, AMI compliance, and your true purchase range before you commit to a home.

Step 4

Shop with confidence

Pre-approved and education underway - shop knowing your budget and that your loan structure is verified and ready.

Step 5

Make an offer

A clean conventional offer backed by solid pre-approval competes well; your agent helps position it effectively.

Step 6

Appraisal

Standard conventional appraisal confirms value; flexible appraisal options are available for HomeReady per Fannie Mae guidelines.

Step 7

Underwriting

The lender reviews your full file for program compliance, including income limits and education completion - respond to conditions promptly.

Step 8

Clear to close

Final verifications - confirm your education certificate is complete and income documentation is current, with no last-minute changes.

Step 9

Close and own

Keys in hand - a conventional loan, reduced MI, and equity building from day one.

Income-limit pointers

Program facts, not offers - four things to verify with a current source before you rely on a number.

Always check current limits

Income limits are set by Fannie Mae and Freddie Mac and change periodically - verify at the AMI lookup tool for the property's exact address.

The property location decides it

The AMI limit is based on where the home is, not where you live today - two nearby addresses can have different limits.

Household income may help you qualify

HomeReady may allow non-borrower household member income to count toward qualification - ask us to check your specific case.

Some areas have no income limit

HomeReady has no income limit for properties in designated low-income census tracts - the property address determines eligibility.

We confirm your exact income limit and property eligibility together at the first call - this is a program-fact overview, not a personalized quote.

Check your AMI and see your numbers - free

We verify your income limit eligibility, compare HomeReady vs Home Possible vs standard conventional, and model your MI picture side by side.

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{{compliance.pendingLabel}}   Equal Housing Opportunity. {{lo.company}}, NMLS #{{lo.nmls}} (Company NMLS #{{compliance.companyNmls}}). Program parameters per current guidelines, subject to change; verify at application. HomeReady: Fannie Mae trademark. Home Possible: Freddie Mac trademark. CrossCountry Mortgage, LLC is not affiliated with Fannie Mae, Freddie Mac, or any government agency. Income limits based on 80% AMI per HUD for property location. Homebuyer education required. Not an offer, commitment, or guarantee. All loans subject to credit approval and underwriting; not all applicants will qualify. This co-marketed seminar is cost-split by fair market value per RESPA; no party pays for referrals. NMLS Consumer Access: www.nmlsconsumeraccess.org.