• Tel: (651) 252-1342
    Email: loans@firsttimehomebuyer-mn.com
    NMLS 225504

  • Home Ready and Home Possible

  • 3% down First Time Home Buyer Program

    Lack of down payment money is the biggest hurdle for most first time home buyers. 
    We eliminate that hurdle for low and moderate income buyers with the HomeReady Mortgage from Fannie Mae, or the Home Possible Mortgage from Freddie Mac.

  • HomeReady Mortgage Loan Benefits

    The biggest Home Ready and Home Possible program benefits are clearly the low 3% down payment requirement.
    Next is the flexible source of your down payment. It can be:

    • Your own money (checking / savings)
    • Taken from your 401(k)
    • Gift from a family member or employer
    • Partially from a down payment assistance program

    You can potentially use other types of household income to help income qualify for the loan from a non-applicant.
    For example:

    • Maybe your elderly parents will be living in the home. We might be able to use their social security income to help you qualify.
    • Or how about your spouse has bad credit, but has a job.  we can maybe use their income too without them actually being on the loan application itself.
    • Rental income from a single family home may be considered for qualifying
    • Using non-borrower household member family income greatly extends mortgage and homeownership access to multi-generational families!