"HomeReady" is a program offered by Fannie Mae that aims to expand access to affordable mortgage credit for low and moderate-income homebuyers. It provides enhanced support for low down payment home financing, including flexible underwriting and income eligibility criteria.

In Massachusetts, there are various programs available to support homebuyers. These include:

1. MassHousing Down Payment Assistance: MassHousing offers up to $50,000 in down payment assistance to eligible first-time homebuyers.

2. MassHousing's "ONE" Mortgage Program: The "Operation Welcome Home" (ONE) mortgage program is offered through over 40 participating lenders. It is designed to provide affordable financing options for first-time homebuyers.

3. Fannie Mae HomeReady Mortgage: The HomeReady mortgage program is a Fannie Mae initiative that offers low rates and reduced insurance costs, providing favorable terms for eligible homebuyers. This program is also available through participating lenders in Massachusetts.

4. Home Possible Mortgage: The Home Possible mortgage program, offered through Freddie Mac, is designed to assist low- to moderate-income borrowers with low down payment options.

5. FHA Mortgage: Federal Housing Administration (FHA) mortgages are another option for first-time homebuyers, offering low down payment options and more flexible credit requirements.

These programs are tailored to assist low- to moderate-income borrowers and aim to make homeownership more accessible through various financial assistance, low down payment options, and favorable terms.

Sources

Down payment assistance up to $50,000 - MassHousingHomeReady Mortgage | Fannie MaeMassachusetts First-time Homebuyer Programs, Down Payment Help, Grants11 First-Time Homebuyer Assistance Programs That Work in Massachusetts

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