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John Owen

Branch Leader
Movement Mortgage
NMLS ID # 648836
2950 Halycon Ln, Ste 102, Jacksonville, FL 32223
Dial Phone Number
p: (904) 535-6538
f: (904) 779-3038
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e: john.owen@movement.com

HomeReady Benefits Provide Down Payment Support

By: Movement Team
March 5, 2024

Movement's HomeReady Very Low-Income Purchase Program allows qualifying borrowers to receive a $2,500 down payment credit.

With the escalating costs of homeownership, many potential borrowers, particularly those with limited income, encounter significant hurdles in affording a down payment. This new addition to the HomeReady product aims to enhance homeownership opportunities for individuals earning less than 50% of the area median income (AMI). Borrowers must meet the qualifications for HomeReady, and they must close on their home before November 30, 2024. The credit applies exclusively to HomeReady purchase loans.

In addition to the down payment credit, HomeReady provides access to several other benefits, including:

  • Only 3% down payment required for purchase
  • Competitive interest rates and reduced mortgage insurance
  • Open to qualified first-time and repeat homebuyers
  • Gift funds allowed for down payment and closing costs
  • Rental income considered in qualifying

Caroline Payne, SVP Capital Markets at Movement, commented on the program, stating, "Movement is excited to augment its product menu with another program geared to support the underserved borrowing community. This program is well suited for lower income families beginning their homeownership journey by lowering the barriers through down payment assistance and flexible qualification criteria."

To get started, find a Movement Mortgage Loan Officer near you.

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Author: Movement Team

About Movement Mortgage, LLC (“Movement”)

Movement is not just a mortgage company – they’re an Impact Lender and force for positive change. With more than 4,000 teammates across all 50 states, they reinvest the majority of our profits back into the communities they serve. Movement is the 10th ranked top-producing residential mortgage company in the U.S., funding more than $20 billion in residential mortgages annually. The company has contributed nearly $400 million to the Movement Foundation since 2012, funding the Movement Schools network, affordable housing projects and global outreach efforts. For more information on Movement and Impact Lending, visit movement.com/impactreport .

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John Owen profile image
John Owen
Branch Leader
Wondering how much home you can afford? Let’s talk about your next move!
2950 Halycon Ln, Ste 102, Jacksonville, FL 32223
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NMLS # 648836

State License #FL-LO25424