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
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.