Home buying that's easier on your budget? It's possible.
Lower upfront costs
30-year conventional fixed
Reduced mortgage insurance
Guidelines for this loan
Income
Home type
Credit and debt
Upfront costs
Comparing HomeReady® and Home Possible®
Income cap
Mortgage insurance
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HomeReady® & Home Possible®
ONE+ by Rocket Mortgage®1
FHA
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6-minute read
HomeReady mortgage: How to apply for this loan
7-minute read
Quick guide to mortgage insurance
6-minute read
Down payment: What is it and how does it work?
6-minute read
HomeReady mortgage: How to apply for this loan
7-minute read
Quick guide to mortgage insurance
6-minute read
Down payment: What is it and how does it work?
Frequently asked questions
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.
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.