Affordable Lending Options

Home Possible® vs. HomeReady® – Program Comparison

Home Possible and HomeReady mortgage loans are designed to offer affordable options for low to moderate income homebuyers. Which option is best for your customer? See how the programs compare!

HomeReady

– AUS = DU Only

– MAY own other property

– Homebuyer Ed required on ALL purchases

– Landlord Ed is NOT required

– Framework costs $75

– High-balance IS permitted

– NO high-cost area income multipliers

– Manufactured home IS permitted

– Non-borrowing household income is compensating factor

Home Possible

– AUS = LPA Only

– May NOT own other property

– Homebuyer Ed required only when ALL borrowers are First Time Homebuyers

– Landlord Ed required on 2-4 unit purchases

– CreditSmart is free

– High-balance NOT permitted

– High-cost area income multipliers permitted

– Manufactured home NOT permitted

– Non-borrowing household income is NOT considered

If you want to learn more or have questions about the Home Possible and HomeReady programs, contact us today by visiting our website: www.hpftpo.com.