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HomeReady® makes buying a home possible.

Call us to learn more or to start an application.

Call 855-764-4059

For TTY devices, dial 711

Hours of operation for USAA Bank loan officers

Monday to Friday
7 a.m. to 8 p.m. CT
Saturday and Sunday
Closed

Note: Days and times may vary

What’s HomeReady®?

Qualifying for a home loan can be a challenge for potential homebuyers. At USAA Bank, we offer HomeReady® purchase‍ ‍ See note 1 and refinance‍ ‍ See note 2 loans to help make owning a home possible. These loans may put homeownership within reach for borrowers making less than their . HomeReady® is a registered trademark of Fannie Mae.

Area median income (AMI)

AMI is the mid point between the lowest and highest gross household incomes in a given geographic area.

Who’s eligible for a HomeReady® loan?

To be eligible, you need to have both of these:

  • Income that's 80% or less of the
  • A minimum credit score of 620

If you’re a first-time homebuyer,‍ ‍ See note 3 you’ll need to take a homeownership education courseOpens in New Window.‍ ‍ See note 4

Area median income (AMI)

AMI is the mid point between the lowest and highest gross household incomes in a given geographic area.

The dream of homeownership with HomeReady® loans

The dream of homeownership with HomeReady® loans

Video Duration: 1 minute 30 seconds

HomeReady® program: Elapsed time 0 minutes 0 seconds [0:00]

Owning a home may seem like a dream that's out of reach. Just saving enough for a down payment and closing costs can be a challenge. But that dream home may be more affordable than you think.

The HomeReady® Mortgage program backed by Fannie Mae could make it easier for you to get the loan you need. If you are eligible for the program, your down payment can be as low as 3%. Plus, you may not have to come up with the money on your own. You can use money from family or other acceptable sources to help you with the down payment and closing costs.

Another helpful feature of a HomeReady® loan is its fixed interest rate. Locking in a rate means you won't have to worry about your monthly principal and interest payments going up. And if you need to borrow more than 90% of the home's value, you may be eligible for reduced mortgage insurance costs.

So, how do you know if you are eligible for a HomeReady® loan?

For starters, your income has to be at or below 80% of the median income in the area where you'll live. For example, let's say the median income in your desired neighborhood is $100,000 a year. That means your income would need to be at or below $80,000 a year. There may also be other requirements, depending on your lender.

Are you ready to learn more about the HomeReady® Mortgage program? Take the next step on your journey to affordable homeownership. Call a USAA Bank mortgage loan officer today to discuss your options.

Description of visual information: [USAA Bank Mortgage does not currently offer Conventional loans in the state of Hawaii.

HomeReady® is a registered trademark of Fannie Mae.

USAA Bank Mortgage offers mortgage products to members where the property is located within the Continental United States, AK, HI and DC. Excludes properties within U.S. Territories. In certain states, product restrictions may apply.

Membership eligibility and product restrictions apply and are subject to change.

Home loans subject to credit and property approval.

Bank products provided by USAA Federal Savings Bank, Member FDIC

USAA FSB NMLS 401058

End of description

End: Elapsed Time 1 minute 30 seconds [1:30]

How a HomeReady® loan can work for you

Down payments as low as 3%

You can use a variety of sources, like help from family, for the down payment and closing costs.

A fixed interest rate

Lock in a steady monthly payment, so your mortgage won’t surprise you with sudden rate hikes.

Affordable mortgage insurance

Mortgage insurance may be more affordable than other conventional or FHA options.

Possibility to refinance

You may be able to refinance an existing mortgage into a HomeReady® loan to get a lower payment.

How to apply for a HomeReady® loan

Steps to complete How to apply for a HomeReady® loan

  1. Talk to a loan officer.

    Call us so we can help you get closer to owning your home.

  2. Share some details.

    Tell us about your finances and where you’re thinking of buying or refinancing a home.

  3. Learn about your options.

    Your loan officer will guide you through the options that could be a good fit for you.

Call 855-764-4059

For TTY devices, dial 711

Hours of operation for USAA Bank loan officers

Monday to Friday
7 a.m. to 8 p.m. CT
Saturday and Sunday
Closed

Note: Days and times may vary

Find a payment that works for you.

Use our calculator to find a monthly payment that may work for you and your budget.

Go to mortgage calculator

HomeReady® FAQ

You need to earn 80% or less of your area’s median income, or AMI. AMI is the midpoint of all household incomes in your area.

If multiple people apply together, their combined income counts toward the income limit.

Yes, if your income qualifies. You may also be eligible for a traditional VA loan.‍ ‍ See note 5,‍ ‍ See note 6 

To explore your options, call a loan officer at 855-764-4059.

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Are you financially ready for a home?

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How much home can I afford?

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Read article: How much home can I afford?

Why should I refinance my mortgage?

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Read article: Why should I refinance my mortgage?

Owning a home could be within your reach.

Call us to learn more about HomeReady® or to start an application.

Call 855-764-4059

For TTY devices, dial 711

Hours of operation for USAA Bank loan officers

Monday to Friday
7 a.m. to 8 p.m. CT
Saturday and Sunday
Closed

Note: Days and times may vary

Related footnotes:

  1. USAA Bank Mortgage does not currently offer Conventional loans in the state of Hawaii.

  2. A home loan refinance may be useful for many customers who want to lower their monthly debt payments. However, a refinance is secured by your home, has closing costs and may ultimately require paying more in interest over time.

  3. First-time homebuyer means someone who has not owned a home in the past three years.

  4. If all occupying borrowers have not owned a home in the past three years and plan to apply for a USAA Federal Savings Bank, 30-Year Conventional Loan with less than a 5% down payment, at least one borrower on the mortgage loan will need to complete a free homebuyer education course online before closing.

  5. VA loans may include a funding fee, which may be financed up to the maximum allowed loan amount.

  6. Members must meet all VA eligibility requirements when applying for a VA loan. Speak with a USAA Bank Loan Officer to review current VA eligibility requirements.

Related footnotes:

  1. Membership eligibility and product restrictions apply and are subject to change.

  2. USAA Bank Mortgage offers mortgage products to members where the property is located within the Continental United States, Alaska, Hawaii, and the District of Columbia. Excludes properties within U.S. Territories. In certain states, product restrictions may apply.

  3. Home loans subject to credit and property approval.

  4. "USAA Bank" means USAA Federal Savings Bank.

  5. Bank products offered by USAA Federal Savings Bank.

  6. USAA is an Equal Housing Lender

  7. USAA FSB NMLS 401058

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