HomeReady is Freddie Mac’s 3% down with low mortgage insurance mortgage program. It is designed for “creditworthy, low- to moderate-income borrowers”. This program is also very flexible regarding where the down payment funds come from, with no minimum amount required from the home buyer.
Borrowers income must be no greater than 80% the Area Median Income (AMI) to qualify for any property. Homes purchased in specific census tracts may allow 100% of the AMI and other census tracts have no income cap. The HomeReady lookup tool will help you determine the income requirements for your specific address.
AMI by Arizona County:
-Santa Cruz $46,400
Additionally, info can be found at HomeReady FAQs.