HomeReady® First
SPECIAL PURPOSE CREDIT PROGRAM (SPCP)
Up to $7,500 towards down payment and closing costs
$500 credit towards the cost of the appraisal fee
$500 credit towards the cost of a home warranty
Unlock Homeownership
Special Purpose Credit Program (SPCP)
Every year, over one million Americans achieve the dream of homeownership for the first time, paving the way for financial security and a lasting family legacy. If you're looking to join their ranks, the Special Purpose Credit Program (SPCP) could be your gateway.
This program is tailored to foster sustainable homeownership by providing vital financial support for down payments and closing costs. It's available exclusively to residents of certain metropolitan statistical areas (MSAs) and targeted census tracts.
Eligibility
WHO IS ELIGIBLE?
Residency: You must live in an eligible census tract within a designated MSA.
First-Time Homebuyer: You have not owned a home in the past three years.
Location Flexibility: There are no constraints on where within the U.S. you can purchase your home.
Credit: 680+ FICO ($7500 Grant) 640-680 ($5000 Grant)
Benefits
Loan Program Terms
$7,500 grant - No repayment required
$500 credit for home warranty
$500 credit for appraisal reimbursement
No income limits or restrictions
Minimum down payment 3% (5% if non-occupied co-borrower on loan)
HOW IT WORKS
Loan Process
Application
Quick and easy application to collect qualifying information. Soft-pull credit report obtained.
Terms
Receive lender pre-approval and terms.
Appraisal
Interior and Exterior appraisal to be preformed to determine market value of property.
Application
Quick and easy application to collect qualifying information. Soft-pull credit report obtained.
Terms
Receive lender pre-approval and terms. Loan is locked for 35 days.
Appraisal
Interior and Exterior appraisal to be preformed to determine market value of property.
Title Work
Partner with title company of choice to receive lender required title work.
Final Underwrite
Provide required documents to lender for final approval and obtain clear to close.
Funded
Loan is now funded and funds are dispersed to appropriate parties.
Title Work
Partner with title company of choice to receive lender required title work.
Final Underwrite
Provide required documents to lender for final approval and obtain clear to close.
Funded
Loan is now funded and funds are dispersed to appropriate parties.
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Contact
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Mortgage Broker servicing all of Texas
Company NMLS# 1966323
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This website is for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice.
All loans are subject to credit approval.