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Shawn Allen

Loan Officer
Movement Mortgage
NMLS ID # 1551692

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.

Movement Mortgage "MM" red logo
Author: Movement Team

About Movement Mortgage
Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture, and communities. Funding approximately $30 billion in residential mortgages annually, Movement is the sixth-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 650 branches in the U.S. and is licensed in 50 states. After funding its balance sheet and investing in future growth, Movement's profits are paid to its primary shareholder, the nonprofit Movement Foundation. To date, Movement Foundation has received more than $360 million of Movement profit to invest in schools, affordable housing, communities, and global outreach. For more information, visit www.movement.com.

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Shawn Allen headshot
Shawn Allen
Loan Officer
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1344 N. Main Street, Blacksburg, VA 24060
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NMLS # 1551692

State License #VA-MLO-31593VA, WV-LO-1551692