What is the Florida HomeReady Loan Program? | 3% Down Conventional Mortgage Program

The Florida HomeReady Loan Program is a 3% down conventional mortgage designed to make homeownership more accessible for low- to moderate-income buyers.

Backed by Fannie Mae, it offers flexible credit guidelines, reduced mortgage insurance, and the ability to use income from roommates or family members.

Check Your Low-Down Florida Home Purchase Eligibility

If you're buying a home in Florida, this program could be the key to getting in with less money upfront.

What Is the HomeReady Mortgage Program? (Florida 2025 Overview)

The HomeReady® Mortgage by Fannie Mae is a low down payment loan program designed to help low- to moderate-income homebuyers, especially first-time buyers, afford a home with as little as 3% down.

It offers flexible income guidelines, reduced mortgage insurance costs, and allows non-traditional income sources like roommates or extended family.

In Florida, many areas qualify for expanded benefits, including waived income limits and pairing with local down payment assistance programs.

The program is ideal for buyers who have stable income and credit but need help overcoming the upfront costs of homeownership.

Check Your Low-Down Florida Home Purchase Eligibility

Benefits of the HomeReady Loan Program in Florida

The HomeReady® mortgage offers powerful advantages for Florida homebuyers looking for low down payment options and flexible qualification criteria.

• Only 3% down payment required, even for first-time buyers.

• Down payment and closing costs can be covered by grants, gifts, or Community Seconds®, including Florida DPA programs.

• Lower private mortgage insurance (PMI) premiums compared to other low-down-payment loans.

• PMI can be canceled once you reach 20% equity — unlike FHA loans.

• Income from boarders or roommates can be used to qualify, which is helpful in multi-generational or shared living situations.

• Non-occupant co-borrowers are allowed, such as parents helping children buy a home.

• Flexible credit score requirement — as low as 620 with competitive rates.

• Available for 1–4 unit properties, condos, and some manufactured homes, expanding your housing options.

• Homeownership education included, empowering you to make smart buying decisions.

• Eligible in all 67 Florida counties, with some areas exempt from income limits.

With fewer restrictions and more flexibility, HomeReady opens the door for more Floridians to buy a home with less cash upfront.

Check Your Low-Down Florida Home Purchase Eligibility

HomeReady Loan Requirements for Florida Buyers

To qualify for a HomeReady mortgage in Florida, you’ll need to meet several key eligibility criteria set by Fannie Mae.

• Borrower income must not exceed 80% of the Area Median Income (AMI) unless the property is in an eligible low-income tract.

• Minimum credit score of 620 (though higher scores may get better pricing).

• Maximum debt-to-income (DTI) ratio of 50% with strong credit and compensating factors.

• Must complete a one-time homeownership education course, unless you’ve taken one in the past.

• Property must be the borrower’s primary residence (no second homes or investment properties).

• Eligible properties include single-family homes, condos, manufactured homes, and 2–4 unit homes (with occupancy rules).

• Non-occupant co-borrowers are permitted, but at least one borrower must live in the home.

• All household income must be documented, including additional income sources like boarders or rental units.

• Loan must meet Fannie Mae’s conforming loan limits, which vary by Florida county.

Meeting these requirements ensures your eligibility for one of the most affordable low-down-payment loans available in 2025.

Check Your Low-Down Florida Home Purchase Eligibility

How Does HomeReady Compare to Other Florida Low Down-Payment Programs?

HomeReady and Freddie Mac’s Home Possible offer similar benefits but require income to stay under 80% of the Area Median Income—except in certain Florida tracts where HomeReady waives that limit.

FHA loans have no income limits and allow for lower credit scores, but the mortgage insurance can’t be removed without refinancing.

Conventional 97 loans are more flexible with income but typically require stronger credit and don’t come with reduced mortgage insurance premiums.

For many Floridians, HomeReady strikes the best balance between flexibility, cost, and long-term savings.

Check Your Low-Down Florida Home Purchase Eligibility

How to Apply in Florida (Step-by-Step)

1. Find a Participating Lender – Look for lenders in Florida who offer HomeReady (e.g., GTE Financial, Florida Capital Bank, Premier Mortgage Associates)

2. Check Income Eligibility – Use the AMI Lookup Tool to confirm you meet the limits

3. Get Prequalified – Provide income, credit, and asset documents

4. Take Homeownership Education – Online through Framework

5. Make an Offer and Close – Work with your agent and lender to finalize

Check Your Low-Down Florida Home Purchase Eligibility

Florida Down Payment Assistance Programs That Pair with HomeReady

One of the biggest advantages of using the HomeReady mortgage in Florida is the ability to combine it with local and state down payment assistance (DPA) programs—helping reduce or even eliminate your out-of-pocket costs.

• Florida Hometown Heroes
  – Offers up to $35,000 in down payment and closing cost assistance for eligible frontline workers (including teachers, nurses, first responders, and more).

• Florida Housing Finance Corporation (FHFC) – Provides second mortgage programs statewide that can be layered with HomeReady, including the Florida Assist, HFA Preferred, and Plus programs.

• Local City & County DPA Programs – Many municipalities—including Miami-Dade, Orlando, Tampa, and Jacksonville—offer their own grants or deferred-payment loans to support first-time buyers.

These programs can often be used alongside HomeReady’s Community Seconds® feature, allowing you to bring less cash to closing and become a homeowner faster.

Check Your Low-Down Florida Home Purchase Eligibility

Bottom Line: Is the Florida HomeReady Loan Right for You?

The Florida HomeReady Loan Program is one of the most accessible paths to homeownership, especially for buyers with limited savings but stable income.

With just 3% down, flexible credit standards, and the ability to pair with powerful down payment assistance programs across the state, it can dramatically lower the barrier to entry.

Whether you're a first-time buyer, a multigenerational household, or simply looking for a smarter alternative to FHA, HomeReady gives you more buying power with less financial strain.

If you’re serious about owning a home in Florida, don’t overlook this program because it could save you thousands and get you in the door faster.

Check Your Low-Down Florida Home Purchase Eligibility