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  • Tel: (218) 303-5626 
    Serving MN WI IA SD ND
    NMLS 274132
    Duluth Mortgage Application Cambria Mortgage Account Upload Documents
  • HomeReady ® and Home Possible ® Low Down Payment Loans

    Even with modest savings, or help from your family, you can make your home buying dream come true, with a low 3% downpayment * program from Cambria Mortgage.  The HomeReady mortgage loan from Fannie Mae, and the Home Possible mortgage from Freddie Mac are conventional loans that require just a small 3% down payment for first time home buyers.

    HomeReady ® or Home Possible ® program’s features:

    • Small 3% down payment
    • Slightly better interest rate than regular conventional loans
    • Reduced mortgage insurance costs compared to regular conventional loans

    Ideal HomeReady / Home Possible Borrowers

    • Have low to moderate income
    • Are first-time homebuyers
    • Have limited cash for down payment
    • Have a credit score ≥ 620; borrowers with credit scores ≥ 680 may get even better pricing
    • Have supplemental boarder or rental income
    • Are looking to purchase or refinance

    Flexible Down Payment Options

    Your small down payment can come from:

    • Your own checking/saving
    • Gift from family member
    • Your 401k (either a permanent withdrawal or 401k loan)
    • Grants and assistance programs available too

    Income and Location Eligibility

    Both programs have maximum household income limits based on the census tract the new home will be located. Click the links below to determine your eligibility

    HomeReady Income and Location Eligibility Map

    Home Possible Income and Location Eligibility Map

    Less property Issues Compared to FHA Loans

    All mortgage loans take the property condition into consideration, but conventional loans like this one are less picky about minor items, like peeling paint that you get when doing a government backed loan, like an FHA loan, or a USDA loan.