HomeReady® Mortgages
Ideal Borrower Traits
• Low to moderate income
• First-time or repeat homebuyers
• Limited cash for down payment
• Credit score greater than or equal to 620
• Credit scores greater than or equal to 680 may get ever better pricing
• Supplemental boarder or rental income
• Looking to purchase or refinance
Cancellable Mortgage Insurance*
The HomeReady® loan allows borrowers the option to cancel their mortgage insurance when their home equity reaches 20%. This option is not available with government-insured loans and can result in lower monthly payments down the road.
*Restrictions apply.
Flexible Payment Options
HomeReady allows cash for down-payment and closing costs to come from multiple sources, including gifts, grants, and Community Seconds®, no minimum personal funds required.
| Benefits |
HomeReady |
FHA |
| Required down payment |
3% |
3.5% |
| Cancellable mortgage insurance* |
Yes |
No |
| Immediate appraisal offers from lenders |
Yes |
No |
| Free from geographic restrictions on loan amounts |
Yes |
No |
| Day 1 Certainty™ freedom from reps & warrants available |
Yes |
No |
*
Restrictions apply.