HomeReady and Home Possible Mortgages
Low Down Payments, Flexible Underwriting
HomeReady® and Home Possible® are mortgage programs designed to help low- to moderate-income borrowers. They’re available to qualifying first-time homebuyers as well as experienced homeowners.
Features & Benefits
HomeReady & Home Possible loans offer qualifying borrowers many great features & benefits:
- Down payment requirements as low as 3%.
- Funds for down payment and closing costs may come from gifts, grants and other sources; no minimum borrower contribution is required for single-family properties.
- Certain types of rental unit income and boarder (or roommate) income may be used toward borrower’s income qualifications.
- Available to borrowers who own another property.
- Non-occupant co-borrowers (such as a parent) permitted.
- Borrowers putting less than 20% down can cancel their private mortgage insurance (PMI), once eligible.
Qualifications & Requirements
Both loan programs have income eligibility limits – specifically, borrowers must make no more than 80% of their area median income (AMI). First-time homebuyers may need to complete a homebuyer education course as well.
A Bank of Canton mortgage lender can calculate your AMI for you and summarize the HomeReady requirements and/or Home Possible requirements that apply to your situation.
Is HomeReady or Home Possible Right for You?
We’ll be happy to review your specific situation, and help you choose the option that best suits your needs. Start a conversation with a mortgage lender today, or call 888-828-1690.
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