3% Down Payment Purchase Loans

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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.



Ideal HomeReady 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

Cancellable Mortgage Insurance*

Unlike government-insured loans, with HomeReady, 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

*Restrictions apply.

HomeReady Comparison

Benefits HomeReady FHA
Required down payment 3% 3.5%
Cancellable mortgage insurance* Yes No
Immediate appraisal orders from lenders Yes No
Free from geographic restrictions on loan amounts Yes No

Call us now to see if you qualify: 310-291-1601





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Mortgage rates for a HomeReady™ mortgage loan are the same as mortgage rates for a “traditional” loan. There is no premium applied for using the HomeReady™ program. In fact, current mortgage rates may even be lower for HomeReady™ mortgages as compared to a 3% down program such as the Conventional 97.

Because mortgage rates can vary by as much as 50 basis points (0.50%) between lenders, though, it pays to shop around. Don’t stop shopping after you get your first quote.