Must've missed this one.
USDA GRH (guaranteed rural housing) will have lower rates than Fannie Mae HomeReady.
USDA also allows 0% down whereas HomeReady requires 3% (but can use down payment assistants/grants to cover that, if you are eligible for any in your area).
USDA has a guarantee fee (paid monlthly, kind of like PMI) that will never go away, whereas the PMI on HomeReady will go away once you've reached the point where your regularly scheduled payments would've brought your loan-to-value (LTV) to 78-80%.
HomeReady allows higher debt to income ratios than USDA does.
HomeReady requires a 620 score, USDA Guarantee prefers a 640 score although lower scores can qualify (lowest I've seen in the past couple years is a 620 though).
HomeReady can have income limits (although about 35% of the U.S. is in area where there are no income limits), you can check at https://homeready-eligibility.fanniemae.com/homeready. USDA has income limits no matter where you buy, you can check them at https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.
USDA will require the home you buy to meet HUD minimum property requirements, whereas HomeReady does not require that (although the home still cannot have any deferred maintenance).
USDA requires the state USDA office to review your file as one of the last items in the approval process. It can add anywhere from a couple days to a couple weeks, as each state USDA office has different turntimes (you can contact your state's USDA office to find them out, or your loan officer can inquire for you). If the seller you are buying from needs you to close quickly then that can you at a disadvantage if you are going with USDA financing.
Each one has benefits and drawbacks, so there isn't always going to be a clear answer on which program is better. A lot of it will come down to your specific situation.
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