HomeReady® Mortgage

The Easy Way Into Homeownership.

Designed to make homeownership more accessible for those with moderate incomes.

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Achieve your homeownership dreams.

The HomeReady® Mortgage helps low- and moderate-income families get mortgages from the government-backed Federal National Mortgage Association (Fannie Mae).

  • Low Down Payments:

    Start with as little as 3% down, making homeownership more attainable.

  • Flexible Funding Sources:

    Use gifts, grants, and cash-on-hand for your down payment and closing costs.

  • Boarder Income Consideration:

    You can include  income from a tenant who shares living expenses to qualify.

  • Reduced Mortgage Insurance:

    Lower PMI costs compared to standard mortgage options, saving you money over the life of your loan.

  • Counseling for Homebuyers:

    Includes free homeowner counseling and education courses to prepare you for homeownership.

HomeReady® Mortgage Requirements

  • Income Limits:

    Designed for low- to moderate-income borrowers. Income limits apply based on the county.

  • Property Eligibility:

    Available for primary residences, including single-family homes, condos, and planned unit developments.

  • Credit Score:

    A minimum credit score is required to ensure your readiness for a mortgage.

  • Completion of Education Course:

    For first-time homebuyers, completing the online homeowner education course is required to prepare you for buying and owning a home.

How The Mortgage Process Works

  • Connect with a Mortgage Loan Officer:

    Our loan officers provide expert, personalized advice on rates, terms, and the best options for your situation.

  • Apply Online and Get Pre-Approved:

    From application to closing, we guide you through each step of the mortgage process. Including the documentation you’ll need for pre-approval.

  • Meet with Daymark Realty:

    Our wholly-owned real estate service will help you find the right home for you.

  • Get your Offer Accepted:

    Once you’re under contract for your new home, we will begin the processing and the approval for your new mortgage.

  • Finalize Your Closing:

    At closing, we’ll be there to walk you through the final paperwork as you get the keys to your new home!

Connect with a Mortgage Loan Officer

  • Expert Guidance

    Our mortgage loan officers can provide personalized advice and guide you through the home buying process. 

  • Personalized Solutions

    We’ll help you by finding the mortgage solution that fits your needs.

Educational Resources

We offer resources to enhance your understanding of the mortgage process so you can make confident decisions about your home purchase.

Frequently asked questions about the HomeReady® Mortgage.

Coastal charges a low application fee of $1,250. You receive substantial savings because there are no charges for document prep or credit reports. Additional charges may apply depending on the interest rate and loan program you choose.
HomeReady is designed for credit-worthy, low-income borrowers who meet the 80% area median income limits based on the county where the property is located. For expert advice, please contact one of our Mortgage Loan Officers.
The minimum credit score for HomeReady is 620.
A minimum of 3% down payment is required for buying a home with a Home Ready® Mortgage. Flexible funding for down payment and closing costs can come from multiple sources, including gifts, grants from lenders or other eligible entities, and Community Second Mortgages. For expert advice, please contact one of our Mortgage Loan Officers.
Qualifying income can include possible rental or boarder income. For expert advice, please contact one of our Mortgage Loan Officers.
You can purchase and refinance a condo, townhome, single-family home or a 2-4 unit property.
HomeReady allows for reduced PMI coverage above 80% LTV (loan to value).
You can apply online through the Coastal website, through the Coastal App on your mobile device, or by phone at 800-868-4262.
Please refer to the following websites for educational resources: https://www.nchfa.com/home-buyers/resources-for-home-buyers https://dhic.org/homeownership-center/ https://www.fanniemae.com/education