HomeReady Mortgage

Compared to Conventional Loans

  • Lower down payment
  • Lower mortgage insurance rates for qualified credit scores
  • Lower interest rates than other conventional loans with qualified credit scores

Benefits of a HomeReady Mortgage

  • Low money down. As low as 3% down for home purchase’s and refinance’s.
  • No minimum contribution required from the borrower’s own funds.
  • Homeownership education course is required. Some available for free from our insurer’s

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. Flexibilities include:
  • Rental unit and boarder income.
  • Non-occupant borrowers, such as a parent

HomeReady Eligibility

Click Here to see if you are eligible.

Get Pre-Approved for a HomeReady Mortgage

We focus on Southfield, Macomb Township, Clinton Township, Chesterfield Township, Harrison Township and St. Clair Shores, but offer loans across all of Michigan.