Coming up with the funds for the down payment can certainly cause some to walk away from their dream of owning a home. But with a HomeReady® mortgage, you may now be able to turn dreams into reality.1 Specifically designed to make homeownership more affordable, the HomeReady mortgage features low down payments so that more money stays in your pocket—right where it belongs.
MAKING HOMEOWNERSHIP A REALITY From your down payment to your monthly mortgage payments, a HomeReady mortgage is designed to minimize your out of pocket expenses.
QUALIFYING IS EASIER Lenders will look at your income as part of the qualification process. Qualifying with HomeReady is easier because lenders can include income from:
· Household members not on the loan
· Renters and boarders
· Co-borrowers not living in the home
HOMEREADY® MORTGAGE Down payment and closing costs Down payment as little as 3%. Plus, 100% of down payment and closing costs can come from gifts and grants.2 Monthly payments Commitment to keeping payments low with reduced mortgage insurance (MI) coverage requirements.*
1. Certain income, geographic, and other requirements apply (such as borrower completion of online homeownership education and housing counseling course). Please contact us for more details regarding terms and conditions.
2. On 1-unit properties only. Subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states and for all loan amounts. Other restrictions and limitations may apply. The actual terms of your loan will depend upon the specific characteristics of your loan transaction, your credit history, and your other financial circumstance.
* MI is typically necessary on any loan where the down payment is less than 20%. It is included as part of the monthly payment.
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