Fannie Mae HomeReady® and Freddie Mac Home Possible® Programs - These programs are designed to make homeownership more attainable for qualified buyers by offering down payments as low as 3%, reduced mortgage insurance requirements and flexible income co-borrower guidelines. Income Eligibility: To qualify, your income typically must not exceed 80% of the Area Median Income (AMI). However, in certain designated high-cost areas, eligibility for pricing benefits may still be available to first-time homebuyers even if your income exceeds this threshold. Eligibility and benefits vary by location and program guidelines. We’re here to help determine what applies to your area. Let’s explore your options and see if one of these programs is the right fit for your homeownership goals.