When borrowers have a credit score of 620 or greater then they are eligible, and those borrowers who score 680 or more may receive even better pricing.
Be it first-timer or repeat homebuyers, and those borrowers seeking to refinance an existing mortgage, all can take the advantage of the HomeReady program.
Affordable mortgage insurance coverage is also offered by the HomeReady program.
Effective July 20, 2019, borrowers are eligible when their income is 80% or less of the area median income (AMI) for the census tract in which the property is located.
That also includes properties in low-income census tracts.
Since already confirmed that anybody can take advantage of the HomeReady program, (terms and conditions apply) a borrower may have ownership interests in other residential properties, but at the time of closing only one of those other properties may be financed by HomeReady mortgage.