HomeReady
HomeReady™ is a Fannie Mae loan program that is designed to extend the privileges of homeownership to buyers with limited household incomes.
Financing designed to put homeownership within your reach: 
HomeReady™ mortgages from Fannie Mae are meant to help borrowers with low-to-moderate incomes buy or refinance a home. These loans reduce the typical down payment and mortgage insurance requirements. They’re also more flexible with co-borrower requirements, including allowing co-borrowers who won’t be living in the home. For example, parents can co-sign a loan to help their adult children get approved.
Key Features and Benefits: 
Down payments as low as 3%.
Credit scores as low as 620 are accepted.
Permits family or friends to co-sign the loan.
Several property types are allowed, including single-family homes, 2-4 unit properties, modular homes, condominiums and homes in Planned Unit Developments (PUDs).
Properties in high-cost areas may qualify.
Homebuyer education is required.