Your Journey Starts Here!

 Mission HomeReady brings the mortgage lender and real estate broker together from the start. Instead of being passed between professionals, you get aligned guidance on financing, home search, and timing — all built around one clear homebuyer plan. 

 We help clients explore VA, FHA, and conventional loan options. Our role is to explain how each loan works, what you may qualify for, and how it fits your financial goals — so you can make an informed decision with confidence. 

 No. Many buyers start the process before their credit is “perfect.” We help you understand where you stand, what matters most for approval, and the next steps to improve readiness when needed. 

 In general:

• Active-Duty Members may be eligible after 90 consecutive days of service during wartime or 181 days during peacetime.
   
• Veterans may be eligible based on their length and character of service.
   
• National Guard and Reserve members may qualify after sufficient service time or qualifying activation.
   

Once eligible, the VA loan can be used:

• To purchase a primary residence
   
• To refinance an existing VA or non-VA loan (VA Interest Rate Reduction Refinance Loan or VA cash-out refinance)
   
• To purchase again if entitlement is available or restored
   

The home must be intended as your primary residence, and eligibility does not expire.

Mission HomeReady helps confirm eligibility, obtain your COE, and determine how and when your VA loan benefit can be used based on your service history and goals.

An Interest Rate Reduction Refinance Loan (IRRRL) — also known as a VA Streamline Refinance — allows eligible veterans with an existing VA loan to refinance to a lower interest rate or more stable loan terms with minimal documentation.

An IRRRL may help a veteran by:

• Reducing the monthly mortgage payment
   
• Lowering the interest rate
   
• Converting an adjustable-rate mortgage (ARM) to a fixed-rate loan
   
• Refinancing with limited income or asset documentation
   

In most cases, an IRRRL does not require a new appraisal and has simplified qualification requirements compared to a traditional refinance.

To be eligible, the refinance must provide a tangible net benefit, such as a lower rate or payment, and the borrower must already have a VA loan on the property.

Mission HomeReady helps veterans determine whether an IRRRL makes sense based on current rates, loan terms, and long-term financial goals.

**IRRRL eligibility and benefits are subject to VA guidelines and lender approval. Loan terms, savings, and qualification requirements vary by borrower. **

Yes. An FHA loan is not limited to one-time use.

Eligible borrowers can use FHA financing multiple times as long as they meet FHA and lender requirements at the time of each purchase or refinance.

In most cases, FHA loans are intended for the purchase of a primary residence, and borrowers are generally limited to one active FHA loan at a time. However, there are exceptions that may allow a borrower to obtain another FHA loan, such as:

• Relocating for work beyond commuting distance
   
• An increase in family size requiring a larger home
   
• Vacating a jointly owned FHA-financed property due to divorce
   
• Refinancing or selling the existing FHA-financed home
   

Each new FHA loan requires:

• Meeting current FHA credit, income, and debt-to-income guidelines
   
• Property eligibility and appraisal
   
• Mortgage insurance premiums (upfront and annual)
   

Mission HomeReady helps buyers understand when FHA can be reused, whether an exception applies, and how FHA compares to VA or Conventional options based on their goals.

**FHA loan eligibility is subject to HUD guidelines and lender approval. FHA loans are intended for primary residences and require mortgage insurance premiums.**

The down payment for a conventional loan can vary, but many buyers are surprised to learn that you do not always need 20% down.

In general:

• First-time homebuyers may qualify with as little as 3% down
   
• Repeat buyers often need 5% down
   
• Putting 20% or more down may allow you to avoid Private Mortgage Insurance (PMI)
   

The exact amount required depends on factors such as:

• Credit profile
   
• Income and debt-to-income ratio
   
• Property type and occupancy
   
• Lender guidelines and loan program selected
   

Conventional loans are flexible and can be used for primary residences, second homes, and in some cases investment properties.

Mission HomeReady helps buyers understand how much they need to put down, whether PMI applies, and how conventional financing compares to VA and FHA options based on their goals.

**Conventional loan terms, down payment requirements, and PMI guidelines vary by lender and borrower qualifications. Loan approval is not guaranteed.**

Add an answer to this iteThe Fannie Mae HomeReady® program is a conventional mortgage option designed to help low- to moderate-income borrowers purchase a primary residence with flexible underwriting guidelines and a low down payment.

Qualified buyers may be able to:

• Put as little as 3% down
• Use income from household members who are not on the loan to help qualify
• Benefit from reduced private mortgage insurance (PMI) compared to some standard conventional loans
• Apply flexible sources of funds for down payment and closing costs

HomeReady loans are intended for primary residences only, and income limits may apply based on the property location. Borrowers must meet credit, income, and underwriting guidelines set by Fannie Mae and the lender.

Mission HomeReady helps determine whether the HomeReady® program is a good fit compared to VA, FHA, or other conventional options based on your financial profile and homeownership goals.

Fannie Mae AMI Map: https://ami-lookup-tool.fanniemae.com/amilookuptool/