HomeReady Benefits Provide Down Payment Support
Movement's HomeReady Very Low-Income Purchase Program allows qualifying borrowers to receive a $2,500 down payment credit.
With the escalating costs of homeownership, many potential borrowers, particularly those with limited income, encounter significant hurdles in affording a down payment. This new addition to the HomeReady product aims to enhance homeownership opportunities for individuals earning less than 50% of the area median income (AMI). Borrowers must meet the qualifications for HomeReady, and they must close on their home before November 30, 2024. The credit applies exclusively to HomeReady purchase loans.
In addition to the down payment credit, HomeReady provides access to several other benefits, including:
- Only 3% down payment required for purchase
- Competitive interest rates and reduced mortgage insurance
- Open to qualified first-time and repeat homebuyers
- Gift funds allowed for down payment and closing costs
- Rental income considered in qualifying
Caroline Payne, SVP Capital Markets at Movement, commented on the program, stating, "Movement is excited to augment its product menu with another program geared to support the underserved borrowing community. This program is well suited for lower income families beginning their homeownership journey by lowering the barriers through down payment assistance and flexible qualification criteria."
To get started, find a Movement Mortgage Loan Officer near you.
