HomeReady Mortgage

Make Your Home Ownership Dreams Ready with HomeReady Mortgages

Designed for creditworthy, low to moderate-income borrowers.

Minimum Credit Score


Maximum Debt To Income


Maximum Loan To Value


Maximum Loan Amount

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.