Ideal HomeReady Borrowers
- Low income
- First-time or repeat homebuyers
- Limited cash for down payment
- Credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
- Supplemental boarder or rental income
- Looking to purchase or refinance
HomeReady Comparison
| Benefits | HomeReady | FHA |
|---|---|---|
| Required down payment | 3% | 3.5% |
| Cancellable mortgage insurance* | ||
| Immediate appraisal orders from lenders | ||
| Free from geographic restrictions on loan amounts | ||
| Day 1 Certainty® freedom from reps & warrants available |
Area Median Income Lookup Tool
Use the interactive map to quickly find HomeReady income limits by area. Simply search by address or view the areas you serve.
