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Comparison Table of Fannie Mae Conventional

  • May 1, 2018
Comparison Scales

On July 29, 2018, Freddie Mac will launch HomeOne℠, which will have the same benefits and features* as our current Fannie Mae Conventional 3% Down Loan, as shown in the table below. HomeReady and Home Possible are also included for comparison.

  Fannie Mae Conventional 3% Down Freddie Mac HomeOne℠  Fannie Mae HomeReady® Freddie Mac HomePossible 
Minimum Down Payment 3% can be buyer's and/or gift funds 3% can be buyer's and/or gift funds 3% can be buyer's and/or gift funds 3% can be buyer's and/or gift funds
Income and/or geographical restrictions No restrictions No restrictions Low to moderate income; expanded eligibility in designated low-income and minority areas Low to moderate income; expanded eligibility in designated low-income and minority areas 
At least 1 borrower must be first-time homebuyer Yes Yes No No
Mortgage Insurance (MI) 35% coverage 35% coverage 25% coverage 25% coverage
Homebuyer education required for first-time homebuyers No Required for at least 1 qualifying borrower if all borrowers are first-time homebuyers Yes Required for at least 1 qualifying borrower if all borrowers are first-time homebuyers

Other conditions and requirements apply.
*Only the homebuyer education requirement will vary.