HomeReady® & Home Possible®

Buy a home with just 3% down

More flexible requirements

Lower mortgage insurance costs

Down payments start at just 3%

Parents sitting on steps with their babyParents sitting on steps with their baby

HomeReady & Home Possible at a glance

Both offer the same perks and requirements, but are backed by different sponsors: Fannie Mae and Freddie Mac

Key benefits

3% down could get you started

Gifts and assistance can also help cover your down payment.

Reduced insurance costs

Lower insurance premiums than both FHA and conventional loan options.

More ways to qualify

You may be able to include income from other household members.

What's required

Income guidelines

Your area’s income limit helps determine overall eligibility.

Credit requirements

You'll need a credit score of at least 620 for either program.

Homebuyer education

At least one first-time buyer must complete a homebuyer education course.

Explore, compare, find the right fit

Best for

Down payment

Credit score

Mortgage insurance

HomeReady & Home Possible

HomeReady & Home Possible
ONE+1
FHA

HomeReady & Home Possible

Best for

Buyers seeking low down payment options

Down payment

As low as 3%

Credit score

620+

Mortgage insurance

Lower than standard loans

Best for

Buyers looking to minimize upfront costs

Down payment

As low as 1% (Rocket Mortgage covers 2%)

Credit score

620+

Mortgage insurance

Required until you reach 20% equity

Learn more

Best for

Buyers who need more flexible qualifications

Down payment

As low as 3.5%

Credit score

580+2

Mortgage insurance

Required for the life of the loan

Learn more

ONE+1

HomeReady & Home Possible
ONE+1
FHA

ONE+1

Best for

Buyers seeking low down payment options

Down payment

As low as 3%

Credit score

620+

Mortgage insurance

Lower than standard loans

Best for

Buyers looking to minimize upfront costs

Down payment

As low as 1% (Rocket Mortgage covers 2%)

Credit score

620+

Mortgage insurance

Required until you reach 20% equity

Learn more

Best for

Buyers who need more flexible qualifications

Down payment

As low as 3.5%

Credit score

580+2

Mortgage insurance

Required for the life of the loan

Learn more

FHA

HomeReady & Home Possible
ONE+1
FHA

FHA

Best for

Buyers seeking low down payment options

Down payment

As low as 3%

Credit score

620+

Mortgage insurance

Lower than standard loans

Best for

Buyers looking to minimize upfront costs

Down payment

As low as 1% (Rocket Mortgage covers 2%)

Credit score

620+

Mortgage insurance

Required until you reach 20% equity

Learn more

Best for

Buyers who need more flexible qualifications

Down payment

As low as 3.5%

Credit score

580+2

Mortgage insurance

Required for the life of the loan

Learn more

HomeReady & Home Possible

ONE+1

HomeReady & Home Possible
ONE+1
FHA

Best for

Buyers seeking low down payment options

Buyers looking to minimize upfront costs

Down payment

As low as 3%

As low as 1% (Rocket Mortgage covers 2%)

Credit score

620+

620+

Mortgage insurance

Lower than standard loans

Required until you reach 20% equity

Learn more

Legal disclaimer

2To qualify for this offer, you must meet all standard FHA eligibility requirements. In addition, your total mortgage payment, including taxes and insurance, cannot exceed 38% of your income, your debt-to-income (DTI) ratio cannot exceed 45%, and you must have 12 months of verifiable housing history immediately prior to your application, no late payments 30 days or greater in the last 12-months, and no derogatory marks on your credit report. Not available on jumbo loans. Asset statements may be needed, no more than 1 day of non-sufficient fund fees are allowed in the most recent 2 months prior to application. Additional restrictions/conditions may apply.

Legal disclaimer

1Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Not available with any other discounts or promotions and cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.

Tools to explore

Rates

Loan Options

Calculators

Articles

Questions? We’ve got answers.

HomeReady and Home Possible have an income cap – also called an Area Median Income (AMI) requirement. That means you may qualify if your income is below a certain percentage of the AMI where you want to buy a home.

You can check your income using this look-up tool. But we encourage you to apply or chat with a Home Loan Expert. It’s the best way to find out which income guidelines apply to you. Even if your income doesn’t qualify, we could have other low down payment options for you.

No, you don’t have to be a first-time home buyer to be eligible. Repeat home buyers may also be eligible. If you’re a current homeowner, you can use this loan to refinance to a new rate or term. (Cash-out refinances are not allowed.)

The mortgage you get with HomeReady or Home Possible will be a 30-year fixed rate loan. So the interest rates are usually close to 30-year conventional rates, and typically costs are less.

You can buy a multifamily property with up to four units. You’ll need to live in one of the units and it must be your primary residence.

For more details on guidelines and how to qualify for HomeReady or Home Possible, read this article in the Learning Center.

 Learn more about home buying
Important legal disclosures

1Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Rocket Mortgage will cover an additional 2% of the client’s purchase price as a down payment, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Not available with any other discounts or promotions and cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.

2To qualify for this offer, you must meet all standard FHA eligibility requirements. In addition, your total mortgage payment, including taxes and insurance, cannot exceed 38% of your income, your debt-to-income (DTI) ratio cannot exceed 45%, and you must have 12 months of verifiable housing history immediately prior to your application, no late payments 30 days or greater in the last 12-months, and no derogatory marks on your credit report. Not available on jumbo loans. Asset statements may be needed, no more than 1 day of non-sufficient fund fees are allowed in the most recent 2 months prior to application. Additional restrictions/conditions may apply.