HomeReady Mortgage

The HomeReady Mortgage is an affordable mortgage option designed for low-income buyers and those with limited savings. It allows down payments as low as 3%, with the possibility of using external sources such as gifts or grants to cover the entire down payment. This makes it ideal for first-time and repeat homebuyers who may have difficulty saving for a large down payment. Additionally, the HomeReady Mortgage offers reduced mortgage insurance and flexible eligibility, including credit scores as low as 620. Borrowers with scores above 680 may receive better pricing.

This loan is especially helpful for those with supplemental income, such as boarders or rental income. Homebuyers can also own one additional property at the time of closing. The HomeReady Mortgage offers a great way to enter homeownership with less financial strain, giving buyers the support they need for long-term success.

Key Features of the HomeReady Mortgage:

  • Low income
  • Looking to purchase or refinance
  • 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
  • Can own one other property at closing
  • Reduced mortgage insurance

With these benefits, the HomeReady Mortgage is designed to make homeownership more accessible for those who might not have the savings for a large down payment or the perfect credit score.

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ALCOVA Mortgage LLC | NMLS ID#40508 | 
www.nmlsconsumeraccess.org

Licensed in AL, AR, CO, DC, FL, GA, IL, IN, KY, MD, NC, OH, OK, PA, SC, TN, TX, VA, WA, WV
308 Market Street SE, Roanoke, VA 24011

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