HomeRun Program

HomeRun Program Loans Are Good For:

The HomeRun Program is a great fit for buyers who do not currently own any other real estate at the time of closing. You do not need to be a first-time homebuyer. It’s ideal for those purchasing in an approved area who want lower monthly payments and a low down payment requirement.

How It Works

Home Run loan programs are designed to make homeownership more accessible, particularly for first-time buyers and those with limited financial resources. These programs typically offer low down payment options, flexible credit requirements, and no private mortgage insurance (PMI).

Key Features

Down Payment Options

• Minimum Down Payment: As low as 3% for single-family homes and condos.
• Gift Funds: Allows contributions from family or other sources to cover down payments.
• Lower Personal Contribution: Buyers may only need to contribute 1% of the down payment, with the rest coming from gifts or assistance.

Eligibility Criteria

• Credit Score: Generally requires a minimum score of 640, but flexible guidelines may apply.
• Debt-to-Income Ratio: Accepts ratios up to 43%, allowing for a broader range of applicants.
• Income Limits: Some programs have income restrictions, while others may not, especially in designated areas.

Benefits

• No PMI Requirement: Eliminates an additional monthly cost, making payments more affordable.
• Community Investment: Aims to support homeownership in underserved communities, fostering stability and growth.

Home Run loan programs are often region-specific, so it’s essential to check local availability and specific requirements. Interested buyers should consult with local lenders or housing specialists to explore options tailored to their needs.