Loan Program

HomeReady Mortgage Loans

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Is a HomeReady Mortgage loan right for you?

Our low down payment HomeReady Mortgage is designed to help lenders confidently serve today’s credit-worthy low-income borrowers.

Mortgage Loan

Benefits of a HomeReady Mortgage loan

  • Low income friendly
  • First-time or repeat homebuyers are eligible
  • Only 3% required for down payment
  • Credit scores as low as 620 are eligible! Borrowers with credit scores over 680 may get even better pricing
  • Available for purchase or refinance

Conventional loan eligibility requirements

  • Homeownership Education: If all borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV.
  • Good credit score of 620 or higher
  • Down payment which can be as little as 3%