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.


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


  • 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%


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


Questions? We'll Put You On A Right Path!

Buying or refinancing can be a daunting task, let us give you the options that best benefit your needs.

+786 622 2224