HomeReady Special Purpose Credit Program

Special Purpose Credit Program (SPCP) for HomeReady to help make homeownership more accessible for first-time homebuyers in underserved areas.

WHAT IS IT?

• Down payment assistance grant

• $5,000 credit
• Up to $500 toward a 1-year home warranty
• Up to $500 toward the appraisal cost

PARAMETERS

• Primary purchases only

  • All property types
  • Eligible Metropolitan Statistical Areas (MSAs):
  • • Florida
      • (Miami-Fort Lauderdale-West Palm Beach)
      • (Orlando-Kissimmee-Sanford)
      • (Tampa-St. Petersburg-Clearwater)
    • Tennessee, Mississippi, Arkansas
      • (Memphis)
  • Follows HomeReady guidelines
    • Max LTV = 97%
    • Min FICO = 620
  • Must have Approve / Eligible DU findings
  • Does NOT need to meet AMI restrictions to qualify 
  • Seller concessions are capped at 5%

BORROWER ELIGIBILITY

Based on where the borrower’s current primary residence is located

• Show proof of primary residence by supplying:
  • Driver’s license or other state issued ID, asset statements with address listed, current lease agreement (if applicable) OR
  • Utility bills with primary address

• At least one borrower must be a first-time homebuyer