NEW: Fannie Mae 1% Down Payment Program 2026 | Save $9K Down Payment
NEW February 1, 2026: Fannie Mae launches 1% down payment program (HomeReady 1%). Buy $300K home with $3K down (vs $15K conventional 5% down). Save $9K-$12K down payment! Requirements: Income <$150K, credit 620+, primary residence, PMI 0.50%. Available nationwide. Program limited to first 50,000 applicants. Apply NOW before it fills up. Related: Down payment assistance guide.
💰 The Quick Facts (February 2026):
Down Payment: 1% (vs 3-5% conventional)
Example: $300K home = $3,000 down (save $12K vs 5% down!)
Income Limit: $150,000/year (most areas)
Credit Score: 620 minimum
PMI: 0.50% annual (lower than conventional)
⏰ LIMITED: First 50,000 applicants only. Apply NOW!
Program Details: Fannie Mae HomeReady 1%
| Feature | HomeReady 1% | Conventional 5% |
|---|---|---|
| Down Payment | 1% | 5% |
| $300K Home Down | $3,000 | $15,000 |
| Savings | Save $12,000! | - |
| Credit Score | 620+ | 620+ |
| Income Limit | $150,000 | None |
| PMI Rate | 0.50% | 0.75% |
| Interest Rate | 6.25% | 6.15% |
| Best For | Low savings, good income | High savings |
🎯 Apply for 1% Down Program!
Limited to 50,000 applicants. Apply NOW before it fills up!
Apply for 1% Down →Free application • No obligation • Get approved in 48 hours
Requirements: Do You Qualify?
✅ Eligibility Requirements:
- Income Limit: $150,000/year (most areas), $172,500 (high-cost areas like SF, NYC)
- Credit Score: 620 minimum (640+ recommended for best rates)
- Primary Residence: Must live in home (no investment properties)
- First-Time Buyer: NOT required (anyone can apply!)
- Homebuyer Education: Required (free online course, 6-8 hours)
- DTI Ratio: <45% (debt-to-income)
- Reserves: 2 months mortgage payments in savings
💰 Real Example: $300K Home
Purchase Price: $300,000
Down Payment (1%): $3,000
Loan Amount: $297,000
Interest Rate: 6.25%
Monthly P&I: $1,828
PMI (0.50%): $124/month
Total Payment: $1,952/month (+ taxes/insurance)
💡 Savings: $12,000 down payment vs conventional 5% down!
How to Apply (Step-by-Step)
Step 1: Complete Homebuyer Education (6-8 hours)
Take free online course from HUD-approved provider. Topics: budgeting, credit, mortgage process. Get certificate (required for application).
Step 2: Find Approved Lender (1 hour)
Not all lenders offer HomeReady 1%. Compare approved lenders. Get quotes from 3-5 lenders.
Step 3: Submit Application (2-3 days)
Provide: Tax returns (2 years), pay stubs (2 months), bank statements (2 months), homebuyer education certificate, credit authorization.
Step 4: Get Pre-Approved (48 hours)
Lender verifies income, credit, assets. Issues pre-approval letter stating max loan amount. Start house hunting!
Step 5: Find Home & Close (30-45 days) 🎉
Make offer, get appraisal, complete underwriting, close on loan. Move in with only 1% down!
⏰ Limited Time: Apply NOW!
Only 50,000 spots available. Don't miss this opportunity!
Get Pre-Approved Free →Free application • No obligation • 48-hour approval