Low Down Payment

Low Down Payment

Today there are many low down payment programs and they are not just for first-time homebuyers! We have five low down payment programs and two down payment assistance programs. We will work to determine which program best fits your individual financing needs!

More Specifics:

  • HOME POSSIBLE ADVANTAGE
    • Minimum 3% down/Down payment can be gift funds
    • Purchase or Rate/Term Refinance/Owner Occupied only
    • Borrower does not need to be a first-time homebuyer, but cannot other home ownership interest
    • Minimum Credit Score is 620
    • Terms – 30 Year Fixed
    • Income limits are Area Median Income (no AMI in underserved areas)
    • Favorable Rates/Lower Mortgage Insurance
  • HOME READY
    • Minimum 3% down/Down payment can be gift funds
    • Purchase or Rate/Term Refinance/Borrower does not need to be a first-time homebuyer
    • Borrower can own other properties/Non-occupying co-borrower allowed with 5% down
    • Minimum Credit Score is 620
    • Terms – 30 Year Fixed, 5 Yr ARM, 7 Yr ARM
    • Income limits are Area Median Income (no AMI in underserved areas)
    • Favorable Rates/Lower Mortgage Insurance
  • PINNACLE PLUS FIRST-TIME HOMEBUYER LOAN
  • 3% Down Payment/Down payment can be gift funds
  • One borrower on loan must be a first-time homebuyer
  • NO INCOME LIMITS/NO GEOGRAPHICAL LIMITS
  • Minimum credit score 620
  • Terms: 30 Yr Fixed, 5 Yr ARM, 7 Yr ARM, 10 Yr ARM
  • Owner Occupied only
  • Mortgage Insurance applied
  • FHA
    • See tab for details on FHA loan
  • VA
    • See tab for details on VA loan
  • HOME IN FIVE – Down Payment Assistance Program
    • The PROs
      • 5-3.5% of loan amount down payment grant (1% additional for Veterans/Military/Reserve/Guard/1st Responders/Teachers/income below 50% AMI
    • The CONs
      • Not all loan programs available in all counties
      • Higher rates and higher fees associated with program
    • HOME PLUS
      • The PROs
        • 2-5% of loan amount down payment grant
      • The CONs
        • Not all loan programs not available in all counties
        • Higher rates and higher fees associated with program

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