HomeReady Mortgage

Make Your Home Ownership Dreams Ready with HomeReady Mortgages

Designed for creditworthy, low to moderate-income borrowers.

620

Minimum Credit Score

50%

Maximum Debt To Income

105%

Maximum Loan To Value

$550k

Maximum Loan Amount

With 1 Application,130 Mortgage Lenders Will Compete For Your Business

Unlock unparalleled opportunities with a single application. Dive into a competitive marketplace where 130 top-tier mortgage lenders vie to offer you the best terms, ensuring you get the deal you deserve. It’s not just about choice; it’s about empowering you with the best options available.

🔒Does not Affect Credit. No SSN until you’re ready.

The HomeReady Mortgage program is designed to provide low to moderate-income borrowers with a low down payment and flexible funding options for buying a home. Here are some key aspects of the HomeReady program offered by Innovative Mortgage:

Down Payment: As low as 3% down payment required, which can be funded by flexible sources including gifts, grants, or community seconds.
Cancellable Mortgage Insurance: Mortgage insurance is required for loan-to-value ratios above 80%, but it can be cancelled once your home equity reaches 20%, which is a cost-saving benefit over the life of the loan.
Income Limits: Borrowers must have incomes at or below the median income for the area, but there are no income limits for properties located in low-income census tracts.
Credit Score Requirements: A minimum credit score is required, although the HomeReady program may provide flexibility for those with lower credit scores.
Homeownership Education Course: To qualify for a HomeReady mortgage, borrowers are required to complete an online homeownership education course to help prepare for the responsibilities of homeownership.
Refinancing Options: Current homeowners with a HomeReady mortgage are eligible to refinance their loan under certain conditions, which could potentially lower their interest rate or reduce their monthly mortgage payment.
Property Eligibility: The HomeReady mortgage is available for primary residences including 1-4 unit properties and condominiums.

Innovative Mortgage supports the HomeReady Mortgage program because it aligns with our commitment to making homeownership accessible and affordable. Through this program, we are able to assist a wide range of borrowers, especially first-time homebuyers, in achieving their dream of owning a home.

If you believe the HomeReady Mortgage program may be the right fit for your home buying needs, please reach out to Innovative Mortgage. Our team is ready to provide you with more details about the program and help you understand the qualification process.

Contact Innovative Mortgage today to learn more about the HomeReady Mortgage program and how we can assist you in securing a loan for your primary residence.

Pros of HomeReady Mortgages

Low Down Payment

With only 3% down, HomeReady makes it easier to own your dream home.

Flexible Funding Sources

Use gifts, grants, and others as a source for your down payment.

Co-Borrower Flexibility

Non-occupying borrowers and rental income from a boarder help qualify.

Cons of HomeReady Mortgages

Income Restrictions

To qualify, your income must be equal to or less than the area median income (AMI).

Homeownership Education Course

Completion of an online homeownership education course is required.

Key Issues That Will Get Early Attention

Determine Eligibility

We'll help you determine if you meet the income requirements for this program.

Review Loan Amounts

We'll help you understand the loan limits and your qualification amount to ensure this is the right fit for you.

Discuss Income Limitations

We'll guide you through the income requirements for HomeReady loans and help you determine if your income falls within these limits.

Understand Homeownership Education

We'll guide you through the homeownership education requirement, helping you find the right resources and understand what it entails.

We're Simply Better and Not Just on Price...

We Have More Lenders and More Loan Programs

Diverse Choices, Tailored for You: With a vast array of lenders and loan programs, we ensure a perfect fit for your unique financial needs.

Our Loyalty is To YOU not the lender

Your Interests, Our Priority: Our commitment is to you, not the lenders, ensuring unbiased and dedicated support throughout your mortgage journey.

Non QM, Convert to Cash and Flexible Funding Options Available

Flexible, Innovative Financing: Explore Non-QM loans, easy cash conversion options, and flexible funding solutions tailored for your financial freedom.

🔒No Credit Pull, No Obligation.

Compare For Yourself

Explore the difference that sets us apart in the financial world. See how our innovative services and unmatched benefits distinguish us from the competition, ensuring you make an informed choice.

Lightning Loans

Local Bank Branch

Big Name Online Lenders

Shops Hundreds of Lenders

Scans Thousands of Programs To Find You The Best Available

Is Loyal to Borrowers and Not Lenders

Has Multiple No Tax Return Mortgage Options

Can Show You Conventional and Non QM Options

Multiple 100% Financing Options for First Time Home Buyers

Can Do Hard Money, Bridge Financing and Other Unique Funding Types

🔒No Credit Pull, No Obligation.

You need a tenacious loan officer who has obsessively over-prepared and knows every single trick in the book to secure the ideal mortgage for your unique situation

And that is exactly what you'll find when working with me…

Read What Our Happy Clients Have to Say

Don't Wait, Secure Your Perfect Mortgage Today

"Andres is dependable, reliable and productive to the highest degree. His services will be required by our company in the future, and unequivocally we will be contracting him."

"A true example of a multitasking 24/7 powerhouse with no deal is too small attitude coupled with creative thinking and always open mind!!!"

"Lightning Loans made the mortgage process so easy and stress-free. Their team is knowledgeable and dedicated to providing tailored solutions for each client. I highly recommend them." -

1. Unparalleled Access to Mortgage Options With a Single Application

With a single application, we’ll comparison shop thousands of loan programs across hundreds of lenders.

This includes conventional loans at 130 different sources, FHA loans at 130 different sources, and even bank statement or no tax return options. If a mortgage product exists, we have access to it.

No more wondering if you’re getting the best deal – we’ll make sure of it.

2. Expert Guidance and Outstanding Communication

With over two decades of experience working with clients, I’ve developed a keen sense of what my clients need and when they need it.

It’s almost like having a psychic connection!

I pride myself on putting my clients first and providing outstanding communication throughout the entire mortgage process.

3. A Faster, Easier Path to Perfect Mortgage Loans For Your Specific Situation

Say goodbye to the headaches and hassles of traditional mortgage processes.

With Lightning Loans, you’ll enjoy a streamlined, efficient journey that gets you to your goals faster and with less stress.

You’ve got enough to worry about, let us put your mind at ease with regard to your mortgage financing.

We only request the things that are absolutely necessary

4. The Peace of Mind Knowing You've Made the Right Choice Because You've Seen ALL Your Options

When you work with Lightning Loans, you’re not just getting a mortgage –

You’re getting a partner who is committed to your success.

We’ll go above and beyond to ensure that you’ve made the best possible choice for your unique situation.

These might just seem like words on a page but one conversation with us and it will be abudantly clear to we walk our talk.

Experts at your service.

Meet the experts committed to providing you with exceptional financial solutions

Andres Garcia

Loan Officer

Dedicated, high energy real estate expert that is adept at working with investors and traditional borrowers.

Your Contact

Andrew Kashella

Senior Vice President

Mortgage Industry veteran responsible for thousands of loan originations and billions in closings.

Bryan P. Ehrlich

CEO/General Counsel

Founder, Juris Doctor and Lead Counsel for Innovative Mortgage Services.