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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
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