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How much do you need for a mortgage down payment?
Find out how much is needed for a down payment and how to get there with assistance programs
HomeReady® Mortgage
HOME LOANS
Addressing the challenges of homeownership
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.
We're here to help.
To learn more about a HomeReady mortgage, please submit our information request form or contact your nearest Old National mortgage expert.