HomeReady Mortgage

HomeReady Mortgage


HomeReady Mortgage Loans offer

  • Lower down payment, as low as 3% down payment.
  • Affordable Mortgage Insurance. Reduced MI coverage requirement over 90% Loan to Value.
  • Lower interest rates than other conventional loans with qualified credit scores.
  • Borrower is not required to be a first time home buyer.

HomeReady Mortgage borrower benefits

  • Low income, borrowers below median income can apply.
  • First time or repeat homebuyers.
  • Limited cash for down payment.
  • credit scores of 620 or greater; Borrowers with greater than 680 credit scores may get better rates.
  • No minimum contribution required from the borrower’s own funds.
  • Flexible funding for down payment and closing costs
  • Funds can come from gifts, Grants or community seconds.

HomeReady Mortgage Features

  • Financing up to 97% loan-to-value for the purchase of your primary residence and up to 95% loan-to-value for cash-out refinance.
  • First-time buyer or previous home buyer.
  • Mortgage insurance is reduced compared with standard requirements and automatically drops off at 78% loan to value.
  • Gifts from family, grants, Community Seconds®, and cash-on-hand allowed  for down payment and closing costs.
  • Innovative underwriting flexibilities expand access to credit responsibly.
  • Qualifying income can include rental or boarder income including income from additional units.
  • Non-occupant borrowers, such as a parent allowed.

HomeReady Eligibility and Counseling

Borrowers qualify at 80% of the area median income in all areas. See here for the HomeReady eligibility tool Click Here to see if you are eligible. Homeownership education course is required. Housing counseling can help borrowers prepare for a sustainable homeownership experience.

Homeownership Education Requirement

If all occupying borrowers are first-time homebuyers, then at least one borrower is required to take homeownership education, regardless of LTV. Fannie Mae HomeView can be used to satisfy the homeownership education requirement. Learn more.

Get Pre-Approved for a HomeReady Mortgage

Licensed in Michigan and Florida

Getting started is easy. We offer very competitive rates, have great service, and always close on time.


Gold Star Mortgage Financial Group - Christopher Chaffin NMLS # 3446
Christopher Chaffin NMLS # 158336

Contact Us

Gold Star Mortgage Financial Group - Christopher Chaffin
100 Phoenix Drive
Ann Arbor, MI 48108

(313) 218-7492

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