HomeReady Mortgage - Pacific NW Federal Credit Union

HomeReady® Mortgage

If you have low-income and qualifying credit, a HomeReady Mortgage offers an ideal mortgage solution for borrowers whether they’re first-time or repeat buyers.

Designed by Fannie Mae, a HomeReady Mortgage from Pacific NW Federal Credit Union comes with a 30-year term and fixed rates to make sure you have an affordable monthly payment.

Down payment as low as 3% and closing costs can come from multiple sources, including gifts and grants.
Income of other household members, boarders or co-borrowers can help you qualify.
Credit scores of 620 and above may be eligible.
You can cancel mortgage insurance when you achieve 20% equity.
Ideal for borrowers whether they’re first-time or repeat buyers.

*Income limits may apply. HomeReady is a trademark of Fannie Mae.

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New $2500 Benefits

A new benefit of a $2,500 credit for very low-income borrowers can help overcome two of the greatest barriers to homeownership—down payment and closing costs. Borrowers must have a qualifying income of less than or equal to 50% of the applicable area median income (AMI) of the property’s location. Click here to learn more or contact us with specific questions.

Home$tart Grant

With a Home$tart program, you can get up to $15,000 in grant funds for the down payment or closing costs on your first home.

Available to qualifying first time home buyers earning up to 80% of area median income for the location of the residence being purchased.
The funds may be used toward the purchase of your primary residence, with property types including single family home, condominium and manufactured homes on land.
The program is subject to a 5-year deed restriction that requires you to return a portion of the grant if you sell your home within 5 years. The amount is prorated based on the length of time you own the home. The good news is if you live in the home for at least 5 years, you never have to repay the grant.
Recipients must also complete a home buyer education class and qualify for a home loan.

More Home Loan Options

Home Equity Loan

Mortgage Refinance

Home Loan Solutions

Find Additional Down Payment and Closing Cost Assistance

Need additional help with your down payment or closing costs? Check out our resources here.

HomeReady FAQs

If you have lower income, you may qualify for a Fannie Mae HomeReady Mortgage if your credit score is 620 or above.

You can include the income of any other household members, boarders and co-borrowers in your application.

When it comes to your down payment and closing costs, there are no minimum personal funds required. You can get the funds from multiple sources such as gifts and grants.

Your interest rate and annual percentage rate (APR) will be based on your credit score. Higher scores will get lower rates.

Both our online and mobile banking app products allow our members to view your FICO^® score for free. The score updates quarterly, so you don’t need to worry about whether checking it hurts your credit score.

*FICO^® is a registered trademark of Fair Isaac Corporation in the United States and other countries.

PNWFCU is a member-owned not-for-profit. What that means for our members is that by banking with us, they belong to a financial institution that takes a personal interest in them.

PNWFCU members can improve their financial knowledge through access to a variety of resources, from our online financial tools to our wealth management services.

Members can also apply for debt consolidation loans, allowing them to simplify their existing loan payments.

Both first-time home buyers and repeat home buyers with lower incomes are welcome to apply to the program.

You’ll need to supply a comprehensive picture of your overall financial situation. As a result, your lender will likely ask you to provide prior-year tax returns, 1099s, W-2s, bank statements and more.

If applicable, you will need to supply evidence of income of your other household members and co-borrowers, plus proof of any gifts, grants or other sources of funds for your down payment and closing costs.

The amount of your down payment can be as low as 3% for a HomeReady Mortgage. If you put down more, your monthly payment will be less.

You will likely need to pay mortgage insurance for down payments under 20%. You should be able to cancel the insurance once you get 20% equity in your home.

Keep in mind that your monthly mortgage payments will also include things like insurance, taxes, interest and other costs.

If you’re a first-time homebuyer and all of your other household members and co-borrowers are also first-time homebuyers, then at least one of you will need to take homeownership education, regardless of the loan-to-value (LTV) ratio of your home.

Fannie Mae HomeView™ is one way you can fulfill the homeownership education requirement.

Speak to a Mortgage Loan Consultant

Ready to get started? Apply online or contact Michael, available by appointment at any branch.

Michael Bradshaw

Mortgage Sales Manager | NMLS #192893

503.258.2618 | Toll Free 800.444.5858, ext. 2618
[email protected]

See what Michael’s members are saying about him online.

Pacific NW Federal Credit Union