Is HomeReady® only for first-time buyers?

No, you don’t have to be a first-time homebuyer to qualify for a HomeReady® loan. That said, if you already own a home, you can only have one other financed property at the time of closing.

What’s the difference between HomeReady® and HomePossible®?

Both loans are geared toward lower-income borrowers and have income limits to qualify. The biggest difference is the minimum credit score requirement. A HomeReady® loan’s 620 minimum score is lower than 660 minimum for a HomePossible® loan.

What’s the maximum home price for HomeReady®?

HomeReady® mortgages follow conforming loan limits. The maximum limit for a one-unit property is $726,200. This can go as high as $1,089,300 in high-cost areas.