Help More Borrowers Achieve Homeownership with this New, Flexible Conventional Mortgage Product.
Highlights
Down payments as low as 3%
Gifts, grants and Community Seconds® can contribute to the down payment
Flexible income requirements - can include rental income from accessory dwelling units and income from non-borrower household members
Lower mortgage insurance required. Only 25% required for LTVs above 90% to 97%, compared to 30% and 35% respectively
HomeReady™ is designed to provide affordable mortgages to creditworthy borrowers with low to moderate income in designated communities. First time home buyers are eligible!
Borrower Income Eligibility:
80% of Area Median Income (AMI)
RESOURCES
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