Home Ready 1 Unit

This program is designed for credit-worthy low-to-moderate income borrowers, with expanded-eligibility for financing homes designed in bw-income, minority, and disaster-impacted communities.


Credit score: 620
Property type: SFR, Condo, PUD, Manufactured homes
Occupancy: Primary residence
Down Payment: No minimum borrower contributions
Loan to Value: 97%   Max. CLTV: 105%
Gift Funds Allowed. No minimum buyer contribution required.
Closing cost: Seller and/or lender can pay up to 6%
Debt Ratio: 45%   with compensatory factors up to 50%
Income Limits: Income Limits Apply



Additional Notes:

  • Condos must be Fannie Mae approved
  • Lender-Paid Closing Cost program available
  • Impounds are optional at 20% down or higher
  • Bankruptcy 4 yrs, Foreclosure 7 yrs, Short Sale 4 yrs (standard)
  • First time buyer not required. Must be primary residence
  • Boarder income and accessory unit income allowed
  • 100% gift for closing funds allowed
  • Mortgage reserves are required based on AUS results
  • Non-occupant borrowers allowed
  • Gifts, grants, community seconds, cash-on-hand
  • 95% LTV. Required for manufactured home

This page contains program highlights only. See sidebar links for further information and details.

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