Home Ready/ Home Possible

Ideal Home Ready Borrowers

  • Have low to moderate income

  • Are first-time or repeat homebuyers

  • Have limited cash for down payment

  • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing

  • Have supplemental boarder or rental income

  • Are looking to purchase or refinance


Unlike government-insured loans, with Home Ready, borrowers may have the option to cancel their mortgage insurance once their home equity reaches 20%. This can result in lower monthly payments down the road

Ideal Home Possible Borrowers

  •  First-time homebuyers, move-up borrowers, and retirees. 

  • Families in underserved areas. 

  • Very low-, low- and moderate  income borrowers.


  •  Purchase and no cash out refinancing.

  • Maximum 97 percent LTV and 105 percent TLTV ratios for Home Possible Advantage

  • Mortgage insurance options. 

  • Loan Product AdvisorSM or manual underwriting. 

  • No reserves required for 1-unit properties.

  • Maximum credit fee in price of 1.5 percent.

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NMLS # 290308