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HomeReady Mortgage Program
3% Down with Flexible Income in Pennsylvania
The HomeReady Loan by Fannie Mae is designed for homebuyers in Pennsylvania who have stable income but need more flexibility to qualify. With a 3% down payment, reduced mortgage insurance, and the ability to use household income to help qualify, it’s a powerful alternative to both FHA and other conventional programs.
If you’re a first-time or repeat homebuyer with low-to-moderate income, this program could help you secure affordable financing — even if your credit or income situation isn’t perfect.
Key Benefits of the HomeReady Loan:
Only 3% down payment required
Reduced mortgage insurance costs compared to standard conventional loans
Flexible income sources allowed, including non-borrowing household members
Available to both first-time and repeat buyers
Can be combined with local down payment assistance programs
No education requirement for buyers who have previously owned a home
What Makes HomeReady Unique?
HomeReady is one of the few loan programs that allows you to use income from a parent, adult child, or other household member — even if they’re not on the mortgage. This expanded qualification option helps more families qualify for the home they need, especially in shared-living or multi-generational households.
It also features more forgiving guidelines around credit history, student loans, and co-borrower structures — making it a strong alternative to FHA for buyers who meet the income limits.
Do You Qualify?
To be eligible for HomeReady, you must:
Have a credit score of at least 620
Earn no more than 80% of the Area Median Income (AMI) for the property location
Occupy the home as your primary residence
Meet standard underwriting and documentation requirements
It might be easier to get pre-approved for a mortgage than you ever imagined. We believe in making it as easy as possible for everyone to purchase their own home. Click here now to get started, it only takes a few minutes online.
Compare to Other Low Down Payment Loans
Not sure if HomeReady is right for you? Consider these alternatives:
Conventional 97 Loan – for first-time buyers with 3% down and no income limits
Home Possible® – Freddie Mac’s version of HomeReady
How to Get Started:
We’ll help you determine if you meet the income limits for HomeReady in Pennsylvania and compare your options side by side.
Start your application or request a free consultation below.
- NMLS#
John Thomas
Loan Officer - NMLS# 3094
Get a personalized and successful home loan approval experience
See how much you qualify for in 60 seconds or less.
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.
