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Down Payment Programs

Loan Options:  FHA (Purchase only)

Down Payment Programs are provided to qualified borrowers in conjunction with a Conventional or FHA first mortgage:

 

  • Approval amount dependent on Area Medium Income (AMI), varies by county
  • Rate dependent on market and borrower qualifications
  • Rate buy down option available
Down Payment Programs Loan Options: Conventional & FHA (Purchase

Conventional Product

Fannie Mae HomeReady, 30-year Fixed Rate 1st Mortgage
No income limits in low income census tracs
640+ Credit score

FHA Product
Up to 120% AMI
620+ Credit Score
FHA Loan Product 203 (b) & 203(c)

Conventional Product

Conventional loan products with 640+ credit score.

ADV. 97

  • No income limits
  • Must be 1st time homebuyer
  • Up to $484,350* loan amount, varies by county and state per Fannie Mae guidelines

*Amount subject to change annually. 

FHA 

Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)

Loan Type: Fixed or Adjustable Rate Mortgage (ARM)

Property Option: Primary Residence

 

HUD is a governement insured loan that provides majority of borrowers the ability to own a home. FHA allows lower county loan limits than conventional loans. Typically the right fit for those who may have lower credit, or a higher debt-to-income ratio. 

 

  • Requires up-front & monthly mortgage insurance (MI)
  • MI required for life of the loan
  • Maximum loan limit dependant upon county limits
  • Debt-to-income ratio qualification
  • 640+ Credit Score 
  • Rate dependent on market and borrower quilifications
  • Rate buy down option

Conventional 

Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)

Loan Type: Fixed or Adjustable Rate Mortgage (ARM)

Property Options: Primary or secondary home, investment property

 

A conforming loan for multi purpose loan use from primary resident to an investment property. A conventional loan will require mortgage insurance (MI) if a down payment is less than 20 percent of the loan amount. 

 

  • MI required if down payment is less than 20%
  • MI cancel option when loan reaches 80% loan-to-value 
  • More loan term options
  • Debt-to-income ratio qualification
  • 640+ Credit Score 
  • Rate dependent on market and borrower quilifications
  • Rate buy down option
  • Loan amounts up to $484,350, varies by county and state per Fannie Mae guidelines.

VA 

Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)

Loan Type: Fixed or Adjustable Rate Mortgage (ARM)

Property Options: Primary Residence

Specific Qualification: Veterans Only

 

The Veteran Administration (VA) insured loan available to all honorably discharged Veterans. A VA loan eliminates down payment requirements. VA loans do include an upfront VA funding fee that may be financed into the loan.

 

  • No down payment required
  • VA funding fee 
  • No Monthly MI
  • Future refinance option available
  • 640+ Credit Score 
  • Rate dependent on market and borrower quilifications
  • Rate buy down option

USDA - Rural

Loan Options: Purchase, Refinance (Cash-Out/No Cash-Out)

Loan Type: Fixed or ARM

Property Options: Primary Residence

 

Loans specific to certain rural areas to help low-to-moderate income borrowers purchase a home. Offered through the United States Department of Agriculture (USDA), it provides financing in rural areas. An upfront guarantee fee of 2.0%, which can be financed into the loan, and a low MI. 

 

  • Available to rural areas
  • Up-front guarantee premium and MI
  • No down payment required
  • Maximum income limits vary by county