Programs
Conventional HomeReady

Conventional HomeReady

Min. FICO 620
Up to 95% CLTV

Program Overview:

Specialized program for low-to-moderate-income borrowers.

Broker Advantage:

  • Low Entry: Buy with as little as 3% down.
  • Flexible Income: Boarder and roommate income allowed.
  • The 3% Edge: Lower monthly payments than standard conventional.

Highlights:

  • LTV: 97% LTV for purchases.
  • FICO: Accessible entry at 620 FICO.
  • Ratios: Qualifying up to 50% DTI.
  • Contribution: No minimum personal contribution; gifts allowed.

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DSCR FAQ

What is HomeReady?

A low-down-payment conventional loan for qualified borrowers.

What is the minimum down payment?

As low as 3%.

Are income limits required?

Yes, based on property location.

Is mortgage insurance required?

Yes, with reduced MI options.

Are gift funds allowed?

Yes.

Exlpore more Conventional HomeReady Loan Programs

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