HomeReady and Home Possible loans
HomeReady and Home Possible Loans are two of the best options for first time home buyers. They offer low down payments, flexible credit requirements and reduced mortgage insurance at surprisingly competitive rates. While they are two different loan programs, they are very similar.
Key Features
Max loan size of $647,200
Down payments as low as 3%
Reduced mortgage insurance rates
Mortgage insurance can be cancelled
Available to buyers with credit scores of 620 and above
Buyers with credit scores of 680 and above receive very competitive rates
Subject to income limits of $69,600 in some areas
Parts of Bend, parts of Redmond and all of La Pine do not have income limits
Flexible with down payment funds, gift funds and and grants allowed
Community seconds loans allowed for down payment and closing costs
Income from boarders and ADU income allowed
Can be used for purchase or refinance
HomeReady allows for non-resident co-borrowers
HomeReady not limited to first time home buyers
Home ownership counseling required for first time home buyers
