HomeReady Mortgage
Make Your Home Ownership Dreams Ready with HomeReady Mortgages
Designed for creditworthy, low to moderate-income borrowers.
Pros of HomeReady Mortgages
1
Low Down Payment
With only 3% down, HomeReady makes it easier to own your dream home.
2
Flexible Funding Sources
Use gifts, grants, and others as a source for your down payment.
3
Co-Borrower Flexibility
Non-occupying borrowers and rental income from a boarder help qualify.
Cons of HomeReady Mortgages
1
Income Restrictions
To qualify, your income must be equal to or less than the area median income (AMI).
2
Homeownership Education Course
Completion of an online homeownership education course is required.
Key Issues That Will Get Early Attention
1
Determine Eligibility
We'll help you determine if you meet the income requirements for this program.
2
Review Loan Amounts
We'll help you understand the loan limits and your qualification amount to ensure this is the right fit for you.
3
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.
4
Understand Homeownership Education
We'll guide you through the homeownership education requirement, helping you find the right resources and understand what it entails.
