Originating & Underwriting

HomeReady Mortgage

Built with today’s homebuyers in mind

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


Ideal HomeReady Borrowers

  • Low income
  • First-time or repeat homebuyers
  • Limited cash for down payment
  • Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
  • Supplemental boarder or rental income
  • Looking to purchase or refinance

Homeownership Education Requirement

If all borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV.  Learn more.

Click here for more information on any of the features above.

HomeReady Comparison

Benefits HomeReady FHA
Required down payment 3% 3.5%
Cancellable mortgage insurance*    
Immediate appraisal orders from lenders    
Free from geographic restrictions on loan amounts    
Day 1 Certainty® freedom from reps & warrants available