HomeReady & Home Possible Programs

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HomeReady® & Home Possible®  Programs with NOLA Lending Group

Find Your Home with Low-Cost Mortgage Options

Buying a home is one of the most significant financial decisions you’ll make, and having the right support can make all the difference. At NOLA Lending Group, we specialize in helping you achieve your dream of homeownership with tailored mortgage solutions. Two standout programs we offer—HomeReady® and Home Possible® —are designed to make homeownership more accessible for low-to-moderate-income buyers by providing enhanced flexibility and a $2,500 credit to assist with down payments or closing costs.

To qualify, potential homebuyers would need to earn 50% of the area's median income or less.

Click below for full program details and to find out how these enhancements may help you purchase a home!

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Unlock Homeownership with HomeReady®

The HomeReady® Mortgage is a powerful solution for homebuyers who may need additional support to purchase a home. This program is ideal for first-time buyers, individuals in low-income or disaster-impacted areas, and borrowers with limited down payment funds.

Key Features of HomeReady®:

With HomeReady® , you benefit from underwriting flexibility, allowing for co-borrowers or non-occupant borrowers, such as parents, to assist in qualifying for the loan.

  • Low Down Payment Options: Purchase your dream home with as little as 3% down.
  • Property Flexibility: Works for 1-4 unit principal residences, including condos and planned unit developments.
  • Generous Loan-to-Value Ratios (LTV):
    • 1-Unit Properties: Max LTV1 of 97%.
    • 2-Unit Properties: Max LTV1 of 85%.
    • 3-4 Unit Properties: Max LTV1 of 75%.
  • Refinancing Options: Limited cash-out refinancing is available.
  • Income-Based Eligibility: Qualified borrowers must earn 50% or less of the area’s median income (AMI).

Learn More about the HomeReady® program

Achieve Homeownership with Home Possible®

The Home Possible® Program, offered through Freddie Mac, empowers low-to-moderate-income buyers with flexible financing options to make owning a home attainable. This program is also ideal for first-time homebuyers or those looking to refinance their mortgage with no cash out.

Key Features of Home Possible®:

Home Possible® provides opportunities to expand your home financing options and take advantage of homeownership programs with minimal upfront costs.

  • Low Down Payment and High LTV:
    • 1-Unit Properties: Max LTV1 of 97% and Max CLTV2 of 105% with secondary financing.
    • 2-4 Unit Properties: Max LTV1 of 95% and Max CLTV2 of 95%.
  • Property Options: Covers a variety of property types, including condos, manufactured homes, and planned unit developments (with certain restrictions).
  • Flexible Down Payment Sources: Allows down payments to come from personal funds, gifts, grants, or affordable second mortgages.
  • Refinancing Opportunities: Take advantage of no cash-out refinancing to improve your mortgage terms.
  • Community-Based Eligibility: Buyers must meet income requirements tied to 50% or less of the AMI or purchase in designated areas.

Learn More about the Home Possible® program

Learn More about Home Possible® Income and Property Eligibility

Why Choose NOLA Lending Group for Your Mortgage Needs?

At NOLA Lending Group, we take pride in being one of the most trusted mortgage lenders in the region. Whether you’re a first-time homebuyer or exploring refinance options, our team is here to guide you every step of the way. With decades of experience in home financing, we specialize in personalized solutions to meet your unique needs.

Benefits of Working with NOLA Lending Group:

  • Expert guidance on mortgage loans and financing programs.
  • Access to competitive rates and low down payment options.
  • Local expertise combined with a nationwide network of resources.
  • Transparent and client-focused service to simplify the home-buying process.

Start Your Homeownership Journey Today

Don’t let financial hurdles stand in the way of your dream home. Whether you’re considering the HomeReady™ or Home Possible™ program, our team at NOLA Lending Group is here to help you navigate the process with confidence.

Contact us today to find out how these programs can make homeownership a reality for you.

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Find a Loan Officer

If you are looking for a loan officer to help you through the process, click the Find a Loan Officer button.

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Skip to the pre-qualification application

If you're ready to submit your application, click the Fill Out a Pre-Qualification Application button and jump right in.

Fill out a Pre-Qualification Application

Financed with us before?

Take advantage of our $500 Lender Credit

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LENDING IN ALL STATES EXCEPT: KANSAS, MARYLAND, NEW JERSEY, AND NEW YORK

1LTV is Loan to Value. The ratio of the loan amount as a percentage of the total appraised value of the property.  Consult your tax advisor for further information regarding deductibility of interest and charges.

2CLTV is Combined Loan To Value.  Financing that exceeds 100% of the property's fair market value is not tax deductible for Federal income tax purposes.  Consult your tax advisor for further information regarding deductibility of interest and charges.

Homeowner education is required to qualify for the HomeReady, additional fees may apply.  Information stated above is subject to change without notice.  All applications are subject to underwriting guidelines and approval.  This does not constitute an offer to lend or offer an extension of credit.  All Loans are subject to credit approval.  Not all applicants will qualify for all products offered.  All loan programs, terms and interest rates are subject to change without notice and may only be available in select markets.

Financing cannot exceed 100% of the subject property’s fair market value.  No down payment required. Terms of repayment: For a $250,000 loan, 360 monthly payments will be $2,396.69 with a monthly interest rate of 7.375%, payment amount includes amounts for property tax and insurances. 7.435 Annual Percentage Rate. No balloon payment.

Information stated above is subject to change without notice.  All applications are subject to underwriting guidelines and approval.  This does not constitute an offer to lend or offer an extension of credit.  All loans are subject to credit approval.  Not all applicants will qualify for all products offered.  All loan programs, terms and interest rates are subject to change without notice and may only be available in select markets.

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