Loan Officer Practice Exam 2025 – Comprehensive All-in-One Guide for Exam Success!

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What is the required down payment for a Fannie Mae HomeReady loan for first-time homebuyers?

3% down payment.

The required down payment for a Fannie Mae HomeReady loan for first-time homebuyers is 3%. This program is specifically designed to help low to moderate-income borrowers achieve homeownership with more accessible terms.

The 3% down payment significantly lowers the barrier to entry for first-time homebuyers, making it an attractive option for those who may not have substantial savings. This reduced down payment requirement is aimed at making home purchases more affordable and achievable, particularly in areas where housing prices might otherwise be prohibitive.

In comparison, other options like a 5%, 10%, or no down payment do not align with the specific guidelines set by the HomeReady program for first-time homebuyers, which is focused on supporting them through lower down payment options. This makes the 3% down payment a vital aspect of the HomeReady loan's appeal and accessibility.

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5% down payment.

10% down payment.

No down payment.

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