Designed for creditworthy low- to moderate-income borrowers!
• Not required to be a first-time homebuyer
• Down payment: as low as 3% – no minimum contribution from you – the borrower – toward the down payment on a single-family home purchase. You can supplement your own cash with gifts from relatives.
• Rates: Very competitive interest rates offered!
• Lower MI: Lower private mortgage insurance premiums than traditional conventional loans. Borrowers may be able to cancel their MI when their home equity reaches 20% – unlike many government-insured loans (restrictions apply)
• Innovative underwriting flexibilities – an enhanced affordable loan designed to meet diverse financial needs of responsible, creditworthy borrowers
• Not just for low-income borrowers: Click here to see if your income and property qualify
HomeReady® mortgage has a homeownership education requirement to help buyers prepare for the responsibilities of buying and owning a home. Buyers can complete an online homeownership course offered by Framework® to fulfill the requirement. One-on-one homeownership advising (i.e., through HUD-approved counseling agency) may also be an option for buyers who could benefit from personalized assistance. If you seek one-on-one advising, speak with your lender beforehand to confirm that you’ll meet the HomeReady® mortgage education requirement.
Click here for HomeReady® FAQs