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HomeReady® mortgage
Create your own path to homeownership.
A HomeReady® mortgage meets life on your terms.
Does your dream of homeownership feel just out of reach? With mortgage loans demanding rigorous financial profiles or large down payments, the barriers to homeownership seem higher and the path narrower.
Our HomeReady® mortgage1 is ready to change the story. Whether you’re a first-time or repeat homebuyer, HomeReady® makes homebuying simpler, more affordable, and more accessible—right where you are.
Why choose a HomeReady® mortgage?
Discover the benefits that make HomeReady® mortgage an accessible and affordable option, especially for first-time homebuyers.
Low down payment options
Make a low down payment on your home purchase or home refinancing transaction.
Flexible funding sources
Draw incomes sources from gifts, grants from lenders, and eligible rental or boarder income.
Cancellable mortgage insurance
Get your monthly insurance payments cancelled by meeting certain terms and conditions.
Homeownership education
Receive essential homeownership education and housing counseling to better navigate the loan process.
Let's make a plan for your home.
Our home lending team is here to help you get started.
Are you ready for HomeReady®?
Check out the basic requirements for borrowers to see if you’re eligible for a HomeReady® mortgage.
Homebuyer profile
You are a first-time or repeat homebuyer (or financially supporting an eligible homebuyer in your family).
Income eligibility limit
Your income is less than 80% of the area median income (AMI) of your property location.
Homeownership education requirement
First-time homebuyers must complete an education course from a qualified provider.2
How it works.
Are you a first-time homebuyer? Get a mortgage with a few simple steps.
Get pre-qualified.
Prepare your financial documents and position your application for pre-qualification.
Make an offer.
Evaluate your budget, research comparable prices, and identify repairs before making an offer.
Set up a home inspection.
Determine the home’s physical condition before seeking a final appraisal.
Finalize and close.
Complete the underwriting process, confirm loan approval, and sign all relevant documents.
Whether you're purchasing a home or refinancing your existing mortgage, you're in capable hands with our experienced Home Lending Officers who will help guide you through the process.1
1All loans are subject to credit review and approval. Rates, program terms and conditions vary by state and are subject to change without notice.
2A qualified provider must be independent of the lender, with homeownership education content that is aligned with National Industry Standards (NIS) or is offered by a housing counseling agency approved by the U.S. Department of Housing and Urban Development (HUD).
HomeReady® is a registered trademark of Fannie Mae.
The information described herein is for educational purposes only and does not constitute and is not intended to be viewed or construed as professional advice. We recommend that you seek professional advice with respect to your specific situation.
NMLS ID # 417584
Popular Bank, PO Box 4503, Oak Park, IL 60303-4503. Customer Service Phone: 1-888-500-2612
For New York Borrowers: Popular Bank is regulated by the New York Department of Financial Services (NYDFS). To file a complaint contact New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department’s website at
www.dfs.ny.gov. Popular Bank may utilize third party service providers to service your loan but remains responsible for all actions taken by the third party.
For more information regarding fees for mortgages and home equities serviced by Popular Bank, please see our Residential Mortgage and Home Equity Product Servicing Fees
here.
Does not apply to mortgages serviced by Popular Mortgage Services. For information regarding fees for Popular Mortgage Services accounts, please
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NYC Residents: Popular Bank provides language access services in Spanish. Please note that Popular Bank has customer service options to speak with an agent in Spanish. Popular Bank’s language access services are limited to verbal communications with an agent in Spanish. Popular Bank does NOT provide any other language access services in Spanish (or any other language) and, specifically, does not provide translations of any documents in Spanish (or any other language).
A translation and description of commonly-used debt collection terms is available in multiple languages on the NY Department of Consumer Affair’s website, www.nyc.gov/dca
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Important Update
The Speedpay® link to pay your loan is changing on January 28, 2021. If you have saved this link in your bookmarks please be aware that the old link will no longer work after December 16.
This is a hyperlink to a third-party website, as described in our Weblinking Practices. Note that such third party's respective privacy policy and security practices may differ from those of Popular or its affiliates. Neither Popular nor any of its affiliates assumes any responsibility, nor do they control, endorse or guarantee any aspect of your use of any linked third-party website. Hyperlinks to third-party websites are solely for informational purposes and for use at your own risk.
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