The HomeReady™ Program
Helping More Buyers Achieve Homeownership!
FHA alternative designed to help creditworthy homebuyers with limited income in designated areas.
Low Down Payments
- Gift funds and grants allowed for entire amount.
- Borrower does not need own funds.
- No up-front mortgage premium.
- Reduced private mortgage insurance (PMI) premiums.
- PMI eligible for cancellation when home's equity reaches 20% (unlike FHA)**
- Debt-to-income ratio up to 50%
- Non-borrower income considered for qualification.
The Fine Print
- Homeowner Education: Required for at least 1 borrower. $75 completed prior to closing.
- Occupant Borrowers may not have ownership interest in any other residential property at time of closing.
- Notes: *owner-occupied 1-4 unit properties eligible
Eligibility requirements, exclusions, and other terms and conditions apply.