Individuals and families with a low to moderate income and good credit can take advantage of this Fannie Mae home loan. Unlike government-backed loans, borrowers may have the option to cancel mortgage insurance once their home equity reaches 20%. Cash for down payment and closing costs can come from multiple sources, including gifts, grants, etc.With the HomeReady Mortgage, you can own a home with as little as 3% down, with no minimum contribution required from your own funds!