Are Home Ready and Home Possible the same?

[Megan Phillips]

I've seen people discussing Home Ready as well as Home Possible loans -- it looks like they both may serve as better alternatives to FHA financing, and I think they both don't require that you don't own other properties. Are there major differences between them? Which is better if you want to use the low down payment method potentially repeatedly? I couldn't tell for sure if they had a similar residency requirement to FHA where you are living in the property for a minimum of 1 year.

Has anyone used these programs - insight? like it? frustrations? etc

Thanks for any info!