HomeReady® Loan


Include non-borrower household members for HomeReady Loan qualification

With the introduction of a variety of new mortgage loan programs in recent years, the path to homeownership may be more attainable than you think.


What Is the HomeReady Loan Program?

Designed to make home loan financing more accessible, the HomeReady program provides eligible homebuyers with a variety of benefits.


HomeReady Loan Program Benefits

  • Low down payment options; up to 97% of your mortgage can be financed

  • No minimum borrower contributions; this allows you to use grants, monetary gifts, and more for your down payment, and closing funds

  • No first-time homebuyer requirement; even if you've owned a home in the past, you may still qualify

  • No income limits for properties in low income census tracts, 100% of average median income (AMI) in high minority census tracts, and 80% of AMI in all other properties

  • Rental income can be considered for qualifying for the loan


HomeReady Loan Program Requirements

A few requirements for this program include:

  • Loan type: Fixed, term to 30 years

  • Occupancy: Property must be a primary residence that all borrowers occupy; non-occupant borrowers are allowed at 95% loan-to-value (LTV) or lower.

  • Homebuyer Education: Required for at least one borrower


Learn More About the HomeReady Loan Program Application Process

Contact Waterstone Mortgage today and a qualified mortgage loan professional will walk you through the HomeReady Loan Program application process and answer any questions that may arise.


Contact a mortgage loan professional in your area to learn more.


All loan requests are subject to credit approval as well as specific loan program requirements and guidelines. With Adjustable Rate Mortgage loans, the rate is variable and may increase or decrease every year after the initial fixed rate period based on changes to an index. This could result in an increase in the monthly payment.