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What is the minimum borrower contribution for HomeReady?

Minimum Borrower Contribution for Purchase Transactions 

The following table describes the minimum borrower contribution requirements (excluding loans with grants).

LTV, CLTV, or HCLTV Ratio

Minimum Borrower Contribution Requirement from Borrower's Own Funds

80% or less One- to four-unit principal residence A minimum borrower contribution from the borrower’s own funds is not required.
Greater than 80% One-unit principal residence A minimum borrower contribution from the borrower’s own funds is not required.
Two- to four-unit principal residence The borrower must make a 3% minimum contribution from their own funds, unless there is any type of grant.

Note: If a grant or a lender-funded grant is being provided, see B3-4.3-06, Grants and Lender Contributions for additional borrower contribution requirements.

No minimum contribution is required in connection with a limited cash-out refinance transaction.

For additional information, see B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements.

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