HomeReady™ Mortgage

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.

Conventional Financing

  • No up-front mortgage premium.
  • Reduced private mortgage insurance (PMI) premiums.
  • PMI eligible for cancellation when home's equity reaches 20% (unlike FHA)**

Flexible Guidelines

  • 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.