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  • First Time Home Buyer Mortgage Rates You Can Brag About

  • 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 and Home Possible 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!

    Property Condition Issues

    While all loan programs take the condition of the property into consideration, HomeReady and Home Possible are convention loan programs and have less stringent property condition guidelines compared to FHA loans.

    FHA for example requires re-painting any peeling paint areas on any home older than 1978. Conventional loans like HomeReady and Home Possible don't care about peeling paint.  This is one example, but this may be important when making offer's on homes, as many sellers reject an FHA offer if they think there may be some required repairs that they just don;t want to deal with.

    Income Limits Apply

    As with most special first time home buyer programs, household income limits may apply. As these limits vary by property location. contact one of our First Time Home Buyer experts at (651) 552-3681 to learn what the loan limit is in your area.

  • HomeReady vs Home Possible vs FHA

    HomeReadyHome PossibleFHA
    May NOT own other propertyMay own other propertyMay own other property
    Homebuyer education only required when all buyers are first time buyersHomebuyer education requiredNo homebuyer education needed
    Landlord education required on all 2-4 unit purchasesLandlord education not requiredLandlord education not required
    Non-borrower household income NOT considered Non-borrower household income is a compensating factorNon-borrower household income NOT considered
    Mobile homes not allowed Mobile homes not allowedMobile homes allowed
    3% down3% down3.5% down
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