HomeReady loans for eligible Florida homebuyers.

Check the income limit for the home you want.

HomeReady qualifying income cannot exceed 80% of area median income for the property location. Use Fannie Mae’s current address-based income lookup, rather than a statewide average. Limits can change, so verify the address when you apply.

The lender compares income used to qualify from borrowers on the loan with this limit. This is not automatically the combined earnings of everyone living in the home. Income must still be documented, eligible and sufficient to repay the mortgage.

If your qualifying income is above the limit, review other conventional mortgages. Adding or removing a borrower changes more than income eligibility, including responsibility for the debt and qualification.

What qualifies beyond the income limit?

These are agency program features, not a rate quote or a commitment to offer particular terms. Bennett Capital Partners Mortgage Brokers checks lender availability and the requirements for your file. See Fannie Mae’s HomeReady eligibility rules and credit-score requirements.

Your down payment is only part of cash to close.

Eligible gifts, grants and approved assistance may help cover the transaction. For an eligible one-unit HomeReady loan, the program generally does not require a minimum contribution from the borrower’s own funds. That does not eliminate the down payment, closing costs or documentation.

Use your own Loan Estimate for the real calculation. Our Florida closing-cost guide explains the common charges.

Compare the whole payment, not just the down payment.

A low initial contribution can preserve savings, but it leaves a larger loan balance. Compare interest rate, APR, points, mortgage insurance and closing costs using Loan Estimates prepared for the same purchase and loan structure.

HomeReady provides reduced mortgage-insurance coverage requirements for certain higher loan-to-value loans. That can affect cost, but it does not mean every borrower receives the same premium. Ask for the actual mortgage-insurance quote and compare it with your other options.

For Florida homes, include homeowners insurance, any required flood insurance, property taxes and association dues in the monthly budget. Condo assessments can materially change affordability even when the mortgage payment appears manageable.

Private mortgage insurance may be canceled subject to applicable conditions. An estimated increase in home value does not remove it automatically. Review the CFPB’s PMI cancellation guidance and ask your servicer about your loan.

Finish the accepted education before closing.

For a HomeReady purchase, when all occupying borrowers are first-time homebuyers, at least one borrower must complete qualifying homeownership education before closing. Fannie Mae’s free HomeView course is one accepted option. Approved housing counseling may also satisfy the requirement; confirm the documentation with your lender.

A loan may qualify for a pricing credit when a borrower completes eligible housing counseling through a HUD-approved agency within 12 months before closing. Ask the lender how any applicable credit is reflected in your pricing; completing an education course alone is not the same as qualifying counseling.

A separate assistance program may impose its own course requirements. Confirm that your chosen course satisfies both programs before enrolling, and keep the completion certificate.

See Fannie Mae’s education and counseling requirements.

Planning to use rent from someone living with you?

Disclose boarder income, rental history and the property arrangement early. Eligibility depends on specific history and documentation rules. A future roommate’s promised payment is not automatically qualifying income, and income from a non-borrower household member cannot simply be added to your application.

Start with your address, income and available funds.

Send the property address or target area, who will apply, employment and income sources, available savings and any proposed gift or assistance. Include existing debts and property ownership. We will identify the records needed and compare available lender options before you commit to a financing path.

Common records include recent pay statements, W-2s or tax returns as applicable, bank statements and documentation of gifts or assistance. The precise list depends on your income and underwriting requirements. Use the secure application process for financial documents, rather than sending sensitive records in a general inquiry.

Already own your home?

Eligible limited cash-out refinances may use HomeReady, subject to income, property and underwriting rules. It is not a general cash-out program. For financing above 95% loan-to-value, the existing loan must meet Fannie Mae ownership requirements. Share your current mortgage statement and refinance objective for review.

For deeper eligibility details, use our HomeReady guidelines guide. For assistance options beyond this mortgage, explore Florida first-time homebuyer programs.