HomeReady

Help More Borrowers Achieve Homeownership with this New, Flexible Conventional Mortgage Product.
Highlights

  • Down payments as low as 3%
  • Gifts, grants and Community Seconds®  can contribute to the down payment
  • Flexible income requirements - can include rental income from accessory dwelling units and income from non-borrower household members
  • Lower mortgage insurance required. Only 25% required for LTVs above 90% to 97%, compared to 30% and 35% respectively

HomeReady™ is designed to provide affordable mortgages to creditworthy borrowers with low to moderate income in designated communities. First time home buyers are eligible!

Borrower Income Eligibility:

  • 80% of Area Median Income (AMI)