Buying a home for the first time is an exciting milestone, but for many, saving for a down payment and covering closing costs can feel like a major hurdle. That’s where HomeReady® First comes in—offering up to $4,500 in assistance to help creditworthy first-time homebuyers lower upfront costs and achieve homeownership sooner.
If you’ve been waiting for the right opportunity to buy your first home, this program could be the key to making it happen. Let’s break down how HomeReady First works, who qualifies, and how to get started.
What is HomeReady® First?
HomeReady First is a down payment and closing cost assistance program designed to help first-time homebuyers by providing financial support, free homeownership education, and additional benefits such as title insurance credits, appraisal reimbursements, and home warranty reimbursements.
Eligible buyers can receive:
- Up to $4,500 in down payment or closing cost assistance for buyers earning 100% or less of the Area Median Income (AMI).
- Up to $1,500 for those earning above 100% and up to 140% of the AMI.
- Free homeownership education to ensure buyers are fully prepared for homeownership.
This program lowers financial barriers and makes it easier for first-time buyers to enter the housing market with less out-of-pocket expenses.
Who Qualifies for HomeReady® First?
To be eligible for this program, buyers must meet a few key requirements:
✅ Be a first-time homebuyer (defined as someone who hasn’t owned a home in the past three years).
✅ Currently reside within certain census tracts in eligible metropolitan statistical areas (MSAs). (However, buyers do not have to purchase a home in the same area where they currently live.)
✅ Have an income no greater than 140% of the area median income (AMI) of the home’s location.
Since eligibility depends on income and location, it’s important to work with a participating lender to determine if you qualify.
How HomeReady® First Makes Homeownership Easier
For many first-time buyers, coming up with the down payment and closing costs is one of the biggest challenges. HomeReady First helps eliminate this financial barrier by covering a portion of these costs—allowing buyers to:
- Put less money down and keep more savings for moving expenses or home improvements.
- Afford a home sooner instead of waiting years to save for upfront costs.
- Receive valuable homebuyer education to navigate the mortgage process with confidence.
With additional perks like title insurance credits, appraisal reimbursements, and home warranty support, HomeReady First provides extra savings to help buyers get the most out of their home purchase.
How to Apply for HomeReady® First
If you’re a first-time buyer interested in this program, the next step is to get pre-qualified with a participating lender. Since Fannie Mae does not issue loans directly, a mortgage professional will assess your eligibility, income, and home location to determine if you qualify for the program.
From there, the process is simple:
1️⃣ Confirm eligibility based on your income and location.
2️⃣ Complete the required homebuyer education to prepare for homeownership.
3️⃣ Secure your HomeReady First assistance and move forward with your home purchase.
With the right guidance, you could be one step closer to homeownership with thousands in assistance to help you get there!
Is HomeReady® First Right for You?
If you’re a first-time buyer looking for financial assistance to lower your upfront costs, HomeReady First could be a great opportunity to make homeownership more affordable. With up to $4,500 in down payment and closing cost assistance, plus additional perks like homebuyer education and reimbursement credits, this program is designed to help qualified buyers get into a home with less financial strain.
Want to see if you qualify? Contact us today to explore your options and take the first step toward homeownership!
