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.

The 2020 HomeReady® income limits will be implemented in Desktop Underwriter® (DU®) starting June 20. Income limits increased on average by 4.4%.  Approximately 87% of the counties have increases, with 27% seeing an increase of over 5%. For more information view the selling notice.

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