Benefits of a HomeReady Loan
Benefits of a HomeReady / Lower Down Payment Loan
Lower-income, creditworthy borrowers can achieve the dream of homeownership with a lower Down
Payment. While we always recommend saving up for a home and putting at least 20% down if you can, it
is not necessary.
Benefits of HomeReady Include:
Low down payment: As low as 3% down for home purchase or refinance loans
Down payment & closing cost assistance: Funding can come from gifts and grants, with no
minimum fund requirement from the buyer.
Affordable mortgage insurance (MI): Reduced MI coverage requirement above 90% loan-to-value
LLPA’s are waived
HomeReady Buyers Include Those:
With low income
Who are first-time or repeat homebuyers
Who have rental income
Who have credit scores at least 620, while scores >680 may get better pricing
Seeking a purchase or refinance
DU must Approve the loan with indicator of HomeReady as the Community Lending Product
*Fannie Mae link for full product details: https://singlefamily.fanniemae.com/originating-
Have Questions or Need Expert Advice? Text, email, or call me below:
Mortgage Loan Officer
Individual NMLS ID #57916
American Mortgage Solutions, Inc.
10602 Timberwood Circle
Louisville, KY 40223
Company NMLS ID #1364
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people.
NMLS ID# 57916, (www.nmlsconsumeraccess.org).