Home Ready

Key Features

  • Up to  97% financing (1 – unit purchase)
  • No minimum  borrower  contribution (1 – unit properties);  use flexible  sources of funds for  down payment and  closing costs (gifts, grants, Community Seconds®, and  cash – on – hand )
  • Required  home ownership education through  a  simple  online  course provided by  Framework
  • Borrowers who occupy the property may not have an ownership interest in any other residential dwelling at the time of loan closing.
    This restriction does not apply to a non-occupant borrower.


  • Non – occupant borrowers  allowed ( max 95% Loan to Value )  – income  is  considered  part of  qualifying income and subject to applicable income limits
  • Innovative new feature that  supports extended family households : will  consider income  from a non – borrower household member
    • Compensating factors may allow for a debt to income ratio higher than  45% , up to 50% .
    • Not counted as qualifying income
    • Non – borrower income must be at least 30% of the total monthly qualifying income being used by the  borrower (s). (Note: Income from more than one non – borrower household member may be considered.)
    • Non – borrower household member s may be relatives or non – relatives.
    • Non – borrowers must document their income and sign  a  statement of intent to reside with the borrower(s) for a minimum of 12 months . 
  • Rental income  from  accessory dwelling units may be considered in qualifying the borrower  ( per  rental income guidelines )
  • Lower than standard mortgage insurance coverage  – 25% for Loan to value above 90% to 97%