HomeReady First - Down Payment Assistance

HomeReady First - A down payment assistance mortgage program

HomeReady® First is a special-purpose-credit-program (SPCP) offered to eligible first-time homebuyers that offers a $5000 down payment assistance grant that can be used towards your down payment and closing costs. In addition to the $5,000 down payment / closing cost assistance money, qualifying first-time homebuyers may also receive a $500 appraisal reimbursement AND a one-year home warranty reimbursment!

Borrower Benefits of the HomeReady First Program

  • $5,000 (five thousand dollars) down payment or closing cost assistance
  • $500 appraisal reimbursement
  • 1-year Home Warranty reimbursement
  • Up to $1,000 title insurance credit if you are buying a "Fannie Mae REO property"

How do I qualify for the HomeReady First Program?

Qualifying for the HomeReady First program is simple and straightforward:

  • You must be a first-time homebuyer
  • You must currently live in a participating metropolitan area
  • There may be credit score and loan-to-value requirements that must be satisfied. Generally, a 660 or higher credit score is required, and a maximum 97% loan-to-value is allowed.
  • There are NO income restrictions (you don't have to earn "less" than a certain salary to qualify)

Where are the HomeReady First® participating metro areas located?

You must currently live in one of the following participating MSAs (metropolitan statistical areas) in order to take advantage of the HomeReady First program (note that you can purchase a home located anywhere in the U.S. - not just in these MSA areas)

  • Atlanta-Sandy Springs-Roswell, GA
  • Baltimore-Columbia-Towson, MD
  • Brownsville-Harlingen, TX
  • Chicago-Naperville-Elgin, IL-IN
  • Cleveland, OH
  • Dallas-Fort Worth-Arlington, TX
  • Detroit-Warren-Dearborn, MI
  • Houston-Pasadena-The Woodlands, TX
  • McAllen-Edinburg-Mission, TX
  • Memphis, TN-MS-AR
  • Miami-Fort Lauderdale-West Palm Beach, FL
  • New York-Newark-Jersey City, NY-NJ-PA
  • Oklahoma City, OK
  • Orlando-Kissimmee-Sanford, FL
  • Philadelphia-Camden-Wilmington, PA-NJ-DEMD
  • Phoenix-Mesa-Chandler, AZ
  • Riverside-San Bernardino-Ontario, CA
  • San Antonio-New Braunfels, TX
  • St. Louis, MO-IL
  • Tampa-St. Petersburg-Clearwater, FL
  • Washington-Arlington-Alexandria, DC-VA-MD-WV

Where can I buy a home that is eligible for the HomeReady First Program?

There are no location restrictions on where homebuyers can purchase a home using the HomeReady® First grant! You do not have to purchase a home that is located in the participating MSAs listed. Rather, you must currently reside in one of those areas in order to qualify. For example, if you currently live in the Dallas/Fort Worth area, you can buy a home anywhere in the United States using the HomeReady® First program.