Low Down Payment Loans

HomeReady and Home Possible are conventional programs designed as alternatives to FHA lending. These products may be the right solution for low-income buyers who need low down payments or flexible guidelines.

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Product highlights

Primary residence only
97% LTV and up to 105% CLTV with qualifying second
Non-occupant co-borrowers permitted on 1-unit properties
Boarder income allowed
Temporary buydowns allowed
Frist time homebuyers may apply
Income restrictions may apply
Available for 1–4 unit properties, condos, PUDs and manufactured housing

Borrower advantages

Program offers qualified low-income borrowers a low 3% down payment financing option.
Non-occupant co-borrowers may help borrowers qualify for a 1-unit property.
Many types of down payment sources are acceptable, including family, employer-assistance programs, secondary financing, and sweat equity.
At 20% equity, borrowers may cancel mortgage insurance, reducing monthly mortgage payments

Realtor advantages

These programs may qualify buyers, including:
Buyers with parents as co-signers
Seniors looking to downsize
Newlywed couples short on savings but able to cover down payment with wedding funds
Renters with two long-term roommates who wants to jump to homeownership and bring their roommates (and their rent) with them