Planet Home Lending · Lender
Planet Home Lending
Review published mortgage options and requirements, then request a personalized quote from the lender.
Availability: Planet Loan Origination transactions, including the negotiation of terms, are only conducted in English and documentation used and issued by Planet will be printed in English.
At a glance
- Property use
- Primary residence
- Credit requirement
- The minimum credit score is usually 620 or higher.
Still to confirm: Borrower type, Reserves.
Our take: Pros & Cons
What we like
- HomeReady offers down payments as low as 3% for eligible single-family purchases.
- Boarder income may help eligible borrowers qualify.
What to consider
- Down payment varies by property type; investment properties and second homes are excluded from this program.
- Homeowner education and program income/credit review apply.
- Request current rates, APR and a Loan Estimate; pricing is unconfirmed.
AI-generated lender-level assessment based on published information. Not a verified assessment of HomeReady Loans; confirm program-specific conditions below.
Newcomer requirements
HomeReady Loans
Fit not assessed · Check fit
Verified published requirements for this program. Rate-example assumptions are separate and do not establish eligibility or approval.
- Minimum credit score
- The minimum credit score is usually 620 or higher.
- Minimum down payment
- HomeReady® borrowers have to put at least 3% down for a single-family home, 15% down for a two-unit property, or 25% down for a three- to four-unit property.
- Property restrictions
- You can also buy a two- to four-unit property as long as you live in one of the units, but you can’t buy an investment property or second home.
- Occupancy
- Primary residence
View full lender requirements
- Minimum credit score
- The minimum credit score is usually 620 or higher.
- Minimum down payment
- HomeReady® borrowers have to put at least 3% down for a single-family home, 15% down for a two-unit property, or 25% down for a three- to four-unit property.
- Property restrictions
- You can also buy a two- to four-unit property as long as you live in one of the units, but you can’t buy an investment property or second home.
- Occupancy
- Primary residence
- Other conditions
- You do have to complete a homeowner education course and make a minimum 3% down payment, but you can get the down payment from a down payment assistance program or family.
Questions to confirm with the lender (12)
These requirements have not been verified for this program:
- SSN
- ITIN
- U.S. credit history
- Foreign credit history
- No credit history
- Residency / visa
- Income documentation
- Employment documentation
- Foreign income
- Foreign assets
- Reserves
- State restrictions
Requirements last reviewed: Oct 27, 2026 · Official requirements source
Rates and costs
HomeReady Loans
Rates are available on request
No reviewed advertised rate example is linked to this program.
How to apply
HomeReady Loans
Document requirements are not confirmed. Ask the lender for its program-specific checklist.
- Confirm the program's identity, residency, credit and property requirements with the lender.
- Use the official application channel to request pricing for your actual scenario.
- Review the lender's written Loan Estimate, including costs and cash to close.
Published eligibility and availability do not guarantee approval. Confirm membership, relationship, property and occupancy conditions with the lender.
Sources and methodology
About this lender
Planet Home Lending HomeReady financing offers low down payment options and boarder-income flexibility for eligible borrowers. Property-specific down payments, homebuyer education and lender review apply.
Legal lender: Planet Home Lending, LLC
Lending channel: Direct lending
Provider type: Mortgage company
Lending channels: Direct lending. Origination status: Not stated.
NMLS identifier: 17022
More lender directory information
Direct application information ↗
Planet Loan Origination transactions, including the negotiation of terms, are only conducted in English and documentation used and issued by Planet will be printed in English.
Directory verified: 2026-10-27 UTC · Official directory source ↗
Official mortgage terms · Profile reviewed: Oct 27, 2026
- Official lender source · Last checked Not confirmed
What do APR, points, LTV and reserves mean?
- APR
- An annualized borrowing-cost measure that includes interest and certain loan charges. Read it alongside the interest rate and fees.
- Discount points
- An upfront charge expressed as a percentage of the loan amount. Compare the quoted interest rate and the points together.
- LTV
- Loan-to-value: the loan amount relative to the property's value.
- Reserves
- Assets the lender may require you to retain after closing. Requirements differ by program.