Eligibility
Which states does My Home Plan serve?
My Home Plan is currently available in Arizona, California, Colorado, Florida, Montana, New Mexico, and Texas, the states where Direct Rate, LLC is licensed. Availability may change as licensing expands.
Do I have to be a first-time home buyer?
No. First-time and repeat buyers may qualify, depending on program guidelines and loan options.
Is there a minimum credit score required to start?
No minimum credit score is required to begin. We'll help you create a plan to become mortgage-ready.
Does my income need to meet certain requirements?
Income requirements vary by loan program, but we'll help you understand what's needed and how to prepare.
Closing Credits™ & Program Rules
How much can I earn in Closing Credits™?
Closing Credits™ vary by participating community and lease terms. Availability, eligibility, and amounts vary by participant and are subject to program terms and participating partner requirements. Full details are provided once eligibility is confirmed.
Do Closing Credits™ apply to any home I buy?
Closing Credits™ may be applied only to eligible closing costs on the purchase of an eligible home made through the program with participating partners, and may not exceed applicable program or regulatory limits.
What happens to my Closing Credits™ if I don't buy a home?
Closing Credits™ can only be applied toward eligible closing costs on a home purchase. They are not redeemable for cash.
Can I transfer my Closing Credits™ to someone else?
No. Closing Credits™ are non-transferable and tied to the participating resident.
Buying Process
How long does it take to buy a home through the program?
Every timeline is different. Some participants buy in months; others take longer depending on readiness and goals.
What types of homes can I purchase?
Eligible homes may include single-family homes, townhomes, or new construction, depending on loan approval.
Can I use the program for new construction or a builder home?
Yes, in many cases. Builder purchases must meet program and lender guidelines.
Can I use my own real estate agent?
Yes. You're free to select your own real estate agent, lender, and other settlement service providers. Some program benefits, including Closing Credits™, are subject to participating partner requirements, and your advisor will explain how before you decide.
What if I'm not ready to buy yet?
That's okay. The program is designed to help you prepare at your own pace.
Financing & Support
Am I required to use a specific lender?
No. You're free to select your own lender, real estate agent, and other settlement service providers. Some program benefits, including Closing Credits™, are subject to participating partner requirements. Your advisor will explain your options so you can decide what's right for you.
Is there a cost to participate in the program?
There is no upfront cost to see if you qualify. Any applicable fees will be clearly disclosed.
Will this affect my credit score?
Initial reviews may involve a soft credit check. Any hard inquiries are discussed with you in advance.
Will my landlord or employer see my financial information?
No. You enroll directly with My Home Plan and manage your own information. Partners such as property managers and employers see only aggregate participation information, never your individual financial details.
Compliance & Transparency
Is this a rent-to-own program?
No. My Home Plan is a homeownership-readiness program and resident benefit. It is not rent-to-own.
Is a home purchase guaranteed?
No. A home purchase is not guaranteed, and all loans are subject to credit and underwriting approval. The program provides guidance, education, and benefits to help you prepare and qualify.
Who administers the program?
My Home Plan is a homeownership-readiness program offered by Direct Rate, LLC, NMLS #2320473, working with participating real estate and lending professionals.
Closing credits are subject to program eligibility requirements and may vary based on the participating provider, transaction, loan program, and applicable lender/investor requirements. Credits may be applied only to eligible closing costs and may not exceed applicable program or regulatory limits. Not all consumers or transactions will qualify. All loans are subject to credit and underwriting approval.