Home Possible® and HomeReady® Mortgage
A little low on savings? Your dream of homeownership can still come true.
Does homeownership feel out of reach? If you are a first-time homebuyer, retiree, or have low savings, you may qualify for a Home Possible or HomeReady Loan. A Home Possible Mortgage is a loan designed to reduce the barriers to homeownership for first-time homebuyers with limited income. A Home Possible Mortgage has many benefits including low down payment options and stable monthly payments at a fixed interest rate. Fifth Third Bank is proud to be one of the Home Possible Mortgage lenders making dreams of owning a home a reality for many.
Key Benefits:
- Low down payment options
- Fixed rates
- Stable monthly payments
- Reduced mortgage insurance premiums
- Refinancing options available
- No cash-out allowed
Do I Qualify?
- You have limited money available for a down payment.
- Your income is at or below the median household income in your area.
- You’re a first-time homebuyer or retiree.
- 43 to 45 percent of your gross income goes to monthly debts. Use this tool to see if you qualify based on your income and the property location.
The Process
- Step 1. Contact a Fifth Third Mortgage Loan Specialist
- Step 2. Provide income documentation such as W-2s and bank statements to gain pre-approval
- Step 3. Identify geographic areas of interest and evaluate eligibility
- Step 4. Go through the traditional mortgage application process
- Step 5. Complete a homebuyer education course
Mortgage Loan Calculators
Need help determining what home you can afford and the estimated monthly payments? We can help! Use these easy-to-use calculators to view your total financial picture.
Calculate your monthly mortgage payment for a given purchase price, down payment, interest rate, and loan term
Find out how much you can borrow for the home of your dreams
Determine your maximum home price and mortgage loan amount
