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.
Why Choose HomeReady? The benefits are clear.
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 |
Area Median Income Lookup Tool
Use the interactive map to quickly find HomeReady income limits by area. Simply search by address or view the areas you serve.