What's the difference between Home Possible and HomeReady?

Both are 3%-down low-income conventional programs. HomeReady is Fannie Mae; Home Possible is Freddie Mac. Home Possible is typically slightly more flexible on credit (660 vs 620 minimum FICO) but HomeReady has slightly better PMI pricing for some scenarios. We run both quotes side-by-side on every qualifying file.

Can we use down payment assistance with Home Possible?

Yes. Home Possible accepts the full down payment from gifts, grants, employer assistance, or CalHFA down-payment assistance programs. This is one of the program's biggest advantages for first-generation California buyers.

Conventional & Government

Low-Income Affordable

Home Possible (Freddie Mac)

Name: Elite Fundings — California Mortgage Team
Address: 552 E Badillo St, Covina, CA, 91723, US
Telephone: (626) 833-7449
Price range: $$

Freddie Mac's equivalent to HomeReady — 3% down, reduced MI, flexible sources of funds.

Available throughout Southern California through Francisco Williams, CCIM, NMLS #1858674.

Apply for this program (626) 833-7449

660

Min FICO

97%

Max LTV

Min down

Ideal borrower

First-time buyers under 80% AMI with limited down payment savings.

Program highlights

3% down payment
Gifts, grants, and DPA allowed for full down payment
Reduced MI

Typical uses

First-time purchase

Helpful tools

Freddie Mac Area Median Income & Property Eligibility ToolVerify the property and income qualify for Home Possible against Freddie Mac's official map.

Frequently asked questions

What's the difference between Home Possible and HomeReady?: Both are 3%-down low-income conventional programs. HomeReady is Fannie Mae; Home Possible is Freddie Mac. Home Possible is typically slightly more flexible on credit (660 vs 620 minimum FICO) but HomeReady has slightly better PMI pricing for some scenarios. We run both quotes side-by-side on every qualifying file.
Can we use down payment assistance with Home Possible?: Yes. Home Possible accepts the full down payment from gifts, grants, employer assistance, or CalHFA down-payment assistance programs. This is one of the program's biggest advantages for first-generation California buyers.

Program details shown are representative guidelines and subject to individual lender overlays and CFPB / agency requirements. Rates shown are illustrative and subject to change without notice. Actual rate, APR, and terms will depend on creditworthiness, loan-to-value, property type, occupancy, loan amount, loan program, and other factors. Not all applicants will qualify.