HomeReady Mortgage | BCCU

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The HomeReady® mortgage is a program offered by Fannie Mae that can help responsible homebuyers who have limited down payment funds or have unique circumstances, such as extended households, buy a home. Households are changing and living arrangements that include roommates, boarders, extended family, or others sharing a home are common. HomeReady® is an affordable mortgage option designed to help homeowners sustain their mortgage payments for the long run. Bellwether offers mortgages to anyone living or working in New Hampshire, and has recently expanded our membership to include anyone living or working in Essex or Middlesex Counties in Massachusetts.



HomeReady mortgage

Extended households can help you qualify

If yours is one of the many households that includes extended family - grandparents, adult children - or other household members, their income may help you qualify for a mortgage. 

Co-borrowers don't need to live in the home

The HomeReady® mortgage allows for co-borrowers who don't live in the home, making it easier, for example, for a parent to assist with a home purchase.

Down payments as low as 3%

Not everyone can afford to make a large down payment when buying a home, and with the HomeReady® mortgage you wont have to*.

Homeownership education to help you succeed

The convenient online education required for HomeReady® mortgage prepares you to buy and own a home for the long run.

Additional resources

For more information on the HomeReady® mortgage program visit Fannie Mae's site by clicking here.

You can see how HomeReady mortgage features compare to Fannie Mae standard mortgage loans by clicking here.

*Subject to credit approval


HomeReady® mortgage allows for down payments as low as 3% and, for most properties, all of the down payment funds can come from sources other than your own savings. 

Yes, certain funds you've received as a gift from a relative, a grant, or from other sources can be used toward your down payment and closing costs.

If your down payment is less than 20% of your home's purchase price, you will need to pay private mortgage insurance (often called PMI), generally as part of your mortgage payment each month. Unlike the mortgage insurance premium paid monthly over the life of many government-insured loans, you may be eligible to cancel PMI after you reach 20% equity in your home - which could save you money over time.

No, HomeReady® mortgage is available to those buying their first home, and to home buyers who have owned homes in the past. 

HomeReady® mortgage requires that at least one borrower complete the Framework Homeownership Course prior to purchasing the home. The course is online and mobile friendly, so you can take it when, where, and how you like (it typically takes about 4 hours to complete). You can even get one-on-one assistance from a professional homeownership advisor whose job it is to help you become a successful homeowner.

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