HomeReady® loans
accessible home loan financing with HomeReady®
Designed to make home loan financing more accessible, the HomeReady® mortgage loan program provides eligible homebuyers with a variety of ways to achieve their homeownership goals.
HomeReady® loan program benefits
Perhaps the biggest advantage of the HomeReady® loan program is the down payment requirement — which is as low as 3%. Plus, there are no “minimum borrower contributions,” which means your down payment and/or closing costs can come from places other than your bank account, like qualified grants, monetary gifts, and more.
Essentially, this loan program is catered toward prospective homebuyers who want to become homeowners but may have faced some barriers.
program details
A few requirements for this program include:
- 3% down payment required for single-unit, primary residence
- 5% down payment required for 2-4-unit, primary residence
- FICO as low as 620
- No first-time homebuyer requirement
- Income limits apply — ask your loan originator for details
Subject to credit approval and program guidelines.
Contact a local mortgage expert in your area to learn more about the HomeReady loan program and get pre-approved today.
