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People Driven Credit Union

HomeReady® Mortgage Loans

Unlock Affordable Homeownership

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HomeReady® Mortgage Loans from Fannie Mae

Homeownership should be within reach for everyone. That’s why we offer HomeReady® Mortgage Loans from Fannie Mae, designed to provide affordable and flexible options for creditworthy low-to-moderate income borrowers and first-time homebuyers. HomeReady® is a Fannie Mae mortgage program that offers low down payment options, flexible underwriting, and innovative features to help more people qualify for a mortgage. Whether you’re buying your first home or looking to refinance, HomeReady® can help make your homeownership dreams a reality.

Membership and eligibility requirements apply, with approval subject to application, credit, and property considerations.

Meet Our Mortgage Loan Officer

Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Michelle Dzon

Member First Mortgage, LLC (MFM)
michelle.dzon@memberfirstmortgage.com
616-301-1714 | NMLS ID: #401292 | People Driven Credit Union NMLS ID: #776727

 

Why Choose a HomeReady® Mortgage?

Low Down Payments: HomeReady® loans require down payments as low as 3%, making it easier to afford your new home.

Flexible Credit Requirements: Designed to accommodate a variety of financial situations, including those with non-traditional credit histories.

Competitive Interest Rates: Benefit from competitive rates that make your home purchase or refinance more affordable.

Multiple Property Types: Use HomeReady® for single-family homes, condos, and multi-unit properties.

Refinance Options: HomeReady® also provides refinancing opportunities to help you secure better rates and terms.

Benefits of HomeReady® Mortgages

Affordable Entry: With low down payment requirements, HomeReady® makes homeownership accessible with a smaller upfront cost.

Flexible Funding: Use a combination of your own funds, gifts, grants, or other assistance programs to cover your down payment and closing costs.

Homeownership Education: HomeReady® encourages financial literacy by requiring a homeownership education course, helping you make informed decisions.

Inclusive: Ideal for a wide range of borrowers, including first-time homebuyers, repeat buyers, and those with limited credit histories.

How to Qualify for a HomeReady® Mortgage Loan

Qualifying for a HomeReady® Mortgage Loan from Fannie Mae is designed to be accessible and straightforward, making it easier for low-to-moderate income borrowers and first-time homebuyers to achieve their homeownership goals. Here’s a detailed guide on how to qualify for a HomeReady® Mortgage Loan:

1. Income Eligibility

  • Area Median Income (AMI): Your income should generally be at or below 80% of the area median income (AMI) for the property’s location. You can check your eligibility using Fannie Mae’s AMI lookup tool.
  • Flexible Income Sources: HomeReady® allows for a variety of income sources, including salaries, part-time jobs, rental income from boarders, and income from non-borrower household members.

2. Credit Score

  • Minimum Credit Score: A minimum credit score of 620 is typically required. However, having a higher credit score can improve your chances of qualifying and securing better interest rates.

3. Down Payment

  • Low Down Payment: You can qualify with a down payment as low as 3% of the home’s purchase price. This makes it easier to afford a new home without a large upfront cost.

4. Homeownership Education

  • Mandatory Education: Complete a homeownership education course through an approved provider, such as Framework. This course is designed to prepare you for the responsibilities of homeownership and provide you with valuable financial insights.

5. Property Requirements

  • Eligible Property Types: HomeReady® loans can be used to purchase various property types, including single-family homes, condos, and multi-unit properties (up to four units).
  • Primary Residence: The property must be your primary residence. Investment properties are not eligible under this program.

6. Debt-to-Income Ratio (DTI)

  • DTI Ratio: Your debt-to-income ratio should generally not exceed 50%. This means that your monthly debt payments, including your new mortgage, should be 50% or less of your gross monthly income.

7. Occupant Borrowers

  • Flexible Borrowers: HomeReady® allows for flexible borrower scenarios, including co-borrowers who do not live in the home. This can include parents or other family members who are helping you qualify.

8. Employment and Income Stability

  • Stable Employment: Demonstrate a stable employment history and reliable income sources. This helps assure lenders of your ability to repay the loan.

9. Loan-to-Value Ratio (LTV)

  • High LTV Ratios: HomeReady® allows for high LTV ratios, up to 97%, meaning you can borrow up to 97% of the home’s value. This supports the low down payment requirement.

Frequently Asked Questions

Meet Our PDCU Mortgage Specialist

Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Michelle Dzon

Member First Mortgage

michelle.dzon@memberfirstmortgage.com

616-301-1714 | NMLS ID: #401292

A HomeReady® Mortgage Loan is a flexible, affordable loan program from Fannie Mae designed to help low-to-moderate income borrowers and first-time homebuyers achieve homeownership. It features low down payment requirements and flexible underwriting standards to make buying a home more accessible.
HomeReady® Mortgage Loans are available to creditworthy low-to-moderate income borrowers. Income limits typically apply, and your income must generally be at or below 80% of the area median income (AMI) for the location of the property. The program is open to both first-time and repeat homebuyers.
The minimum down payment required for a HomeReady® Mortgage is as low as 3% of the home's purchase price. This low down payment option makes it easier to afford a new home without a large upfront cost.
Yes, HomeReady® allows you to use gift funds from relatives, friends, or other eligible sources for your down payment and closing costs. Grants and down payment assistance programs can also be used.
HomeReady® Mortgages can be used to finance various types of properties, including single-family homes, condominiums, and multi-unit properties (up to four units). The property must be used as your primary residence.
The minimum credit score required for a HomeReady® Mortgage is typically 620. However, having a higher credit score can improve your chances of qualifying and securing better interest rates.
Yes, HomeReady® requires first-time homebuyers to complete a homeownership education course from an approved provider, such as Framework. This course helps prepare you for the responsibilities of homeownership and provides valuable financial insights.
Yes, HomeReady® offers refinancing options that can help you take advantage of lower interest rates and better loan terms.

Who Can Qualify for a HomeReady® Mortgage?

The HomeReady® mortgage, offered through Fannie Mae, is designed to make homeownership more accessible for low- to moderate-income borrowers. This program allows for down payments as low as 3% and offers flexible income sources, including contributions from household members who aren’t on the loan. First-time and repeat homebuyers can qualify, and HomeReady® mortgages are available for primary residences. To be eligible, borrowers typically need a minimum credit score of 620 and must complete an approved homeownership education course if they are first-time buyers.

Using a HomeReady Mortgage to Refinance Your Existing Loan

The HomeReady® program isn’t just for purchasing homes—it also offers an opportunity for borrowers to refinance their existing mortgages. Eligible homeowners can use a HomeReady® refinance to secure a lower interest rate, reduce monthly payments, or change loan terms. Like the purchase option, the refinance program allows for flexible income qualifications and may help borrowers who have built up equity in their homes but need a more affordable loan structure. Refinancing through HomeReady® can be especially beneficial for homeowners looking to consolidate debt or transition from an adjustable-rate mortgage (ARM) to a more stable fixed-rate loan while taking advantage of the program’s competitive rates and reduced mortgage insurance premiums. At PDCU, our knowledgeable Fannie Mae mortgage team is here to assist you through every step of the home-buying process, ensuring you find the right loan to meet your needs. As a member-owned credit union, we put your best interests first, offering personalized service and expert guidance.

Schedule an Appointment

Schedule an appointment at one of our branches for a variety of services, including opening new accounts or membership, getting assistance with card services like issuing a new debit card or applying for a credit card, and applying for loans or mortgages. We also offer support for online and mobile banking, IRA account services, and notary services. Book an appointment today for personalized, one-on-one assistance from our team. Schedule an Appointment
HomeReady® offers numerous benefits, including low down payment options, flexible underwriting standards, competitive interest rates, and the ability to use various sources of funds for down payments. It also promotes financial literacy through required homeownership education.
Apply online or contact our mortgage specialist, Michelle Dzon, who will guide you through the application process, help you understand your options, and determine your eligibility. Michelle Dzon is authorized to act as an agent on behalf of People Driven Credit Union. Contact her for personalized assistance with your mortgage needs.

Michelle Dzon

Michelle Dzon

Member First Mortgage

michelle.dzon@memberfirstmortgage.com

616-301-1714 | NMLS ID: #401292

Your debt-to-income ratio should generally not exceed 50%. This means that your total monthly debt payments, including your new mortgage, should be 50% or less of your gross monthly income.
  • Copy of your driver’s license
  • Last 2 years W2’s
  • Most recent 30 days span of paystubs
  • Last 2 years Federal Tax Returns
  • Most recent two months bank statements, all pages
  • Contact information for homeowner’s insurance agent
You may give us a call at 248-263-4100 to speak with the loan department.

Disclosures

Equal Housing Lender logo

Equal Housing Lender. Member First Mortgage, LLC (MFM) NMLS ID# 149532. All loans are subject to credit approval. Terms and conditions apply. Program availability is subject to change without notice.

Available to all members using a conventional mortgage loan program on a purchase transaction with People Driven Credit Union in the State of Michigan. Not eligible on multi-unit properties, condos, townhomes, or manufactured houses. The Loan Example is current as of 9/9/2025 and based on a $200,000 loan amount with a conventional 30-year fixed rate term (360 monthly principal and interest payments of $1,231.43); 0% Down Payment; 6.25% Interest Rate with an Annual Percentage Rate (APR) of 6.465%. Rates quoted assume excellent borrower credit history. Payment example does not include taxes and insurance; the actual payment obligation will be higher. The cost of Private Mortgage Insurance (PMI) is waived as part of this promotion, to be paid by the Lender. This is not a commitment to lend. All lending products are subject to credit and property approval. Additional restrictions may apply. Member First Mortgage, LLC (MFM) is a partner of People Driven Credit Union. Michelle Dzon #401292, is authorized to act as agent of People Driven Credit Union (24333 Lahser Road, Southfield, MI 48033 | (248) 263.4100 | NMLS ID: 776727) and is authorized to represent Member First Mortgage, LLC, a licensed Mortgage Lender/Servicer (Corporate Office: 616 44th Street SE, Grand Rapids, MI 49548 | (616) 538.1818 | NMLS ID: 149532). For licensing information, please visit www.nmlsconsumeraccess.org. Equal Housing Opportunity.

SAFE Act Compliance Testing:
We conduct annual independent testing of our mortgage compliance in accordance with the SAFE Act (Reg G) requirements.

All other trademarks are the property of their respective owners.

Equal Housing Lender logo People Driven Credit Union is an Equal Housing Opportunity Lender NMLS #776727

Membership Requirement:

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. A $5 deposit secures your ownership share in the credit union and unlocks access to our full suite of products and services. This account earns 0.01% APY with a $5 minimum deposit.