Fannie Mae HomeReady DPA (Participating Lender Grants)

What is Fannie Mae HomeReady DPA (Participating Lender Grants)?

Fannie Mae HomeReady DPA (Participating Lender Grants) is a grant for homebuyers in California.

• Fannie Mae HomeReady with lender-funded DPA grants available in California. Many participating lenders offer up to $7,500 in grant assistance on HomeReady loans for borrowers at or below 80% AMI.
• Up to $7,500 in assistance.
• non-repayable grant.
• Funding comes from Lender/Fannie Mae.

Do you have to pay it back?

Fannie Mae HomeReady DPA (Participating Lender Grants) is structured as a grant, so it is not repaid.

• Repayment is triggered by N/A (non-repayable grant).
• The assistance is recorded in N/A (grant - no lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Fannie Mae HomeReady DPA (Participating Lender Grants) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Fannie Mae HomeReady DPA (Participating Lender Grants) limits household income to 80% of the area median income, which varies by county and household size.

• Low income: household income ≤80% of Area Median Income (AMI).
• The limit applies to total household income, not only the borrower’s.
• The program lists a maximum household size of 8.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Fannie Mae HomeReady DPA (Participating Lender Grants) caps the purchase price as follows: Contact program for current purchase price limits.

• Eligible property types include Single-family (1-2 unit), conventional condominium, townhome, PUD.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Fannie Mae HomeReady DPA (Participating Lender Grants) serves buyers purchasing anywhere in California.

How do you apply?

Applications for Fannie Mae HomeReady DPA (Participating Lender Grants) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program before funds are reserved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Contact provider directly; subject to funding availability, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.