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  • What Is HomeReady?

    The biggest challenge faced by new home buyers is overwhelmingly the down payment. You’re not alone if you’ve ever thought you could never save enough. HomeReady™ can help. It’s a 3% down loan geared to help lower-income home buyers who don’t have a lot to put down.

    That means it’s possible to get into a $200,000 home with just $6,000 down. At just three years old, HomeReady™ has already helped thousands become homeowners. Are you ready to be the next to buy a home with this program? Keep reading or apply today

    Here are the major features of HomeReady:

    • Borrower can have low-to-moderate income
    • Are first-time or repeat homebuyers
    • Have limited cash for down payment
    • Credit score is ≥680
    • Can have supplemental boarder or rental income
    • Can be used as a low-cost refinancing option

  • About the HomeReady Program

    HomeReady™ is a mortgage program created in December 2015. It’s backed by the U.S. government via Fannie Mae and available via most U.S. lenders. Via HomeReady™, households in lower-income neighborhoods and in minority-heavy areas can get easier access to low-downpayment mortgages at today’s current rates.

    HomeReady™ allows a downpayment of just 3% on a home and permits the “income pooling” for all of the members of a household. This means that income from grandparents, parents, relatives, and working children can all be used to help qualify for a home loan.

    For many families, this can mean the difference between getting approved for a loan and getting turned down.

    HomeReady™ can also be used for a refinance, allowing up to 97% loan-to-value (LTV) in some cases.

    In order to be eligible for the HomeReady™ program:

    • You must not be an owner of another residential property in the United States
    • You must agree to complete a 4-6 hour online homeowner counseling course If you can meet these two criteria, you may be HomeReady™-eligible.

  • $500 Benefit for Borrowers!

    At least one borrower must obtain customized one-on-one homeownership counseling from a HUD-approved nonprofit counseling agency before entering into a home purchase contract. You have to show a Certificate of Pre-Purchase Housing Counseling (Form 1017) and we will input a Special Feature Code when we submit your loan.  This $500 will be given to you as a credit on your loan when you close.

    Approved counseling can also be used as a compensating factor for borrowers with debt-to-income ratios over 45 percent (possibly allowing up to 50 percent).

    Ready For HomeReady? Apply Here!

  • HomeReady™ Loan: Frequently Asked Questions

     

    What is the minimum down payment for a HomeReady loan?

    The HomeReady program allows for a down payment as low as 3%. For a $200,000 home, this means you could potentially get started with just $6,000 down.

    What is the minimum credit score required?

    To qualify for the HomeReady program through Janus Mortgage, borrowers generally need a credit score of 620 or higher. A score of 680 or higher typically yields the best interest rates.

    Can I use income from other household members to qualify?

    Yes. One of the unique features of HomeReady is "income pooling," which allows the income of all household members (such as parents, grandparents, or working children) to be used to help you qualify for the loan.

    Is there a borrower credit for homeownership counseling?

    Yes. Borrowers who complete customized one-on-one counseling from a HUD-approved agency before signing a purchase contract can receive a $500 credit toward their loan at closing.

    Do I have to be a first-time homebuyer?

    No. HomeReady is available to both first-time and repeat homebuyers, provided they meet the income eligibility requirements and do not own other residential property at the time of closing.