HomeReady® Loan Program 

What Is the HomeReady® Loan Program?

Designed to make home loan financing more accessible, the HomeReady program provides eligible homebuyers with a variety of benefits.

HomeReady® Loan Program Benefits

  • Low Down Payment Options. Up to 97% of your mortgage can be financed.
  • No Minimum Borrower Contributions. This allows you to use grants, monetary gifts, and more for your down payment and closing funds.
  • No First-Time Homebuyer Requirement. Even if you’ve owned a home in the past, you may still qualify.
  • Income Limits. No limits for properties in low income census tracts, 100% of average media income (AMI) in high minority census tracts and 80% of AMI in all other properties.
  • Non-borrower household income. This may help you qualify.

HomeReady® Loan Program Requirements

A few requirements factors for this program include:
  • First Time Homebuyer: No First Time Homebuyer requirement exists.
  • Rental Income – Accessory Unit: Rental income can be considering for qualifying for the loan.
  • Borrower Contribution From Own Funds: None required. 
  • Loan type: Fixed, term to 30 years.
  • Occupancy: Property must be a primary residence which all borrowers occupy; Non-occupant borrowers are allowed at 95% LTV or lower.
  • Homebuyer Education: Required for at least one borrower.

Learn More About the HomeReady®
Loan Program Application Process

Contact Waterstone Mortgage today and a qualified home loan professional will walk you through the HomeReady™ Loan Program application process and answer any questions that may arise. Get started with a pre-qualification!

All loan requests are subject to credit approval as well as specific program requirements and guidelines.