HomeReady Plus


HomeReady+ is HomeReady with a boost! Along with extremely competitive rates, HomeReady+ requires only 1% down and has zero mortgage insurance. In addition to the 1% down payment from the homebuyer, there is a 2% grant for a total of 3% down. The grant does not need to be repaid and there is no lien or 2nd mortgage. This program is limited to purchase transactions with a maximum purchase price of $360,800. There is an option to increase the purchase price to $368,000 if the homebuyer can increase their down payment to 3%(3% down from buyer + 2% grant). More info below.


A borrower who is doing less than 20% down is required to pay monthly mortgage insurance. HomeReady + offers zero mortgage insurance to save homebuyers even more money. Mortgage insurance can be very expensive especially for homebuyers who have credit scores below 700 so this program will potentially save a buyer $250 to $500 per month. 


1% down payment required up to a purchase price of $360,800. The 1% down payment is matched with a 2% grant for a total down payment of 3%. For example if the purchase price is $355,000, there would be a $3,550(1%) down payment from the buyer plus a $7,100(2%) grant. The grant does not need to be repaid and there is no 2nd mortgage.


HomeReady+ allows us to provide homebuyers with lower rates compared to regular conventional loans. Interest rates are also very competitive for homebuyers with lower credit scores.

1% down payment conventional loanMAX PURCHASE PRICE

The conventional 1% down payment program is limited to a $350,000 loan amount. That means if someone wants to do a 1% down payment, the max purchase price is $360,800. The homebuyer has the option to increase their down payment to 3% which would allow them to purchase a property for $368,000 max.


Income limits are identical to the regular HomeReady program. Unlike regular conventional loans, this programs are intended for low to moderate-income households to help borrowers compete in the market. The income limits will vary depending on the County where the purchase is being made. In the Denver Metro Area, the income limits in 2023 have been increased to $100,400. In some cases, to help a homebuyer qualify, we can exclude overtime or bonus income as long they can still qualify for the loan.

To qualify for this program, the homebuyer must be under 80% AMI. You can plug in a property address into the HomeReady / Home Possible lookup tool to check for a specific area. Both programs have the same income limits.


This loan is ideal for homebuyers who are considering a down payment assistance program such as CHFA or folks who are looking at properties in a lower price range. Even homebuyers who do have a down payment will find that this loan will most likely be a better option for them due to lower interest rates and zero mortgage insurance. It can be difficult to find properties under $400,000 in Denver so this program tends to work better for homebuyers looking to purchase a home in less expensive areas of Colorado or those who are looking at townhomes and/or condos.

Fannie Mae HomeReady Income Lookup Tool

Freddie Mac Income Eligibility Tool


Homebuyers must take a first-time buyer course. These can be done online and are not very time-consuming.

  • HomeView: Fannie Mae’s Homebuyer Education Course
  • CreditSmart: Freddie Mac’s Homebuyer Education Course
  • ReadyNest: MGIC’s Online Homebuyer Education Course


The following third parties are eligible to cover a temporary buydown:

  • Seller
  • Builder
  • Real Estate Agent


  • Must be a primary residence.
  • Minimum 620 credit score.
  • Not required to be a first-time homebuyer. This is another incentive of these programs. A borrower could have recently sold another property or even own a current rental property. Rental income can be used from the vacating property.
  • Manufactured homes limited to 95% financing (3% down payment + 2% grant))
  • Must be a fixed mortgage IE 15-year fixed or 30-year fixed. ARM loans are not allowed.
  • Non-occupying co-borrowers are not allowed.
  • DACA Borrowers are eligible

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