HomeReady: Affordable Homeownership for Moderate-Income and First-Time Buyers

Program Summary

HomeReady loans are designed for low-to-moderate-income buyers, offering a low down payment option and the ability to include rental or family income to qualify. These loans are perfect for first-time buyers or those looking to enter the housing market with reduced financial barriers.

Key Benefits

• Low down payment: As little as 3% required.
• Flexible income sources: Qualify with income from roommates or family members.
• Reduced mortgage insurance: Lower MIP rates compared to other low-down-payment loans.
• First-time buyer friendly: Special benefits for those entering the market.

Program Details

• Credit Requirements: Minimum 620+.
• Income Limits: Must fall within area median income (AMI) limits.
• Property Type: Primary residences only.
• Down Payment Assistance: May be available through state or local programs.

Who Is This Program Best For?

• First-time buyers with limited savings for a down payment.
• Moderate-income borrowers seeking affordable mortgage terms.
• Buyers who want to include additional household income to qualify.

Next Steps

Take the first step toward affordable homeownership with HomeReady. Contact us today to get started!