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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.
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%