For those with modest savings, the HomeReady mortgage can provide an affordable option. HomeReady mortgages address common financial challenges and offer expanded eligibility guidelines for low- and moderate-income borrowers. Whether you’re a first-time homebuyer trying to get your financial foot in the door, a repeat buyer, or a homeowner looking to refinance and lower your monthly payments, HomeReady mortgage can help.
What are the benefits of a HomeReady mortgage?
Down payment as low as 3%1 for first-time and repeat homebuyers
Easier down payment requirements—Get help from multiple sources like
gifts and grants; no minimum personal funds required
Expanded opportunities—First-time and repeat homebuyers
eligible; co-borrowers don’t have to live in the property
Online Education Tools—Gain guidance for long-term
homeownership success
Ability to cancel Private Mortgage Insurance2
Is a HomeReady mortgage right for you?
A HomeReady mortgage may be an option if you are:
A first-time homebuyer or repeat buyer
A current homeowner wanting to refinance and lower your monthly mortgage payment
The HomeReady mortgage addresses the needs of those who can’t afford a large down payment; may have multiple student loans; or may rely on income from non-traditional sources (e.g., parents or other family members). Financial challenges may have impacted their ability to buy a home in the past.
Subject to credit approval. Property insurance required. Additional qualifications and limitations may apply. Please contact a mortgage specialist for details.
