Purchase Loan Programs
Conventional Loans
3% Down Payment
- 620 or Higher Credit Score
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- HomeReady and HomePossible Loans
- Lower Rates and Mortgage Insurance
- Income Limits Apply
- Down Payment Can be Gifted
- No Mortgage Insurance Option
- Monthly Mortgage Insurance Cancels at 78% Loan-to-Value
- $647,200 Maximum Loan Amount
- Great Option for First-Time Homebuyers
5%-15% Down Payment
- 620 or Higher Credit Score Required
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- No Mortgage Insurance Option
- Monthly Mortgage Insurance Cancels at 78% Loan-to-Value
- $647,200 Maximum Loan Amount
20 % or More Down Payment
- 620 or Higher Credit Score Required
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- No Mortgage Insurance
- $647,200 Maximum Loan Amount
FHA (Federal Housing Administration) Loans
3.50% Down Payment
- 580 or Higher Credit Score
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.85% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $420,680 Maximum Loan Amount (Jefferson County)
- Great Option for Borrower(s) with a 679 or Lower Credit Score
FHA 203k (Home Renovation) Loans
3.50% Down Payment
- Streamline 203k Loan
- Used for Cosmetic and Common Repairs up to $35,000
- Standard 203k Loan
- Used for Extensive Repairs Over $5,000
- 620 or Higher Credit Score
- Down Payment Can be Gifted
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.85% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $420,680 Maximum Loan Amount (Jefferson County)
- Great Option for Borrower(s) Looking to do Renovations
VA (Veterans Affairs) Loans
0% Down Payment
- 580 or Higher Credit Score
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
- No Mortgage Insurance
- No Maximum Loan Amount
- Great Option for Veterans or Active Military
USDA (Rural Housing) Loans
0% Down Payment
- 640 or Higher Credit Score
- 1.00% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.35% Monthly Mortgage Insurance
- Remains for Life of Loan
- Income and Property Areas Restricted
- Great Option for Borrower(s) in Rural Areas
Jumbo Loans
3.50% Down Payment
- 700 or Higher Credit Score
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- No Mortgage Insurance Option
- Great Option for Loan Amounts Over $647,200
10%-15% Down Payment
- 700 or Higher Credit Score
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- No Mortgage Insurance Option
- Great Option for Loan Amounts Over $647,200
20 % or More Down Payment
- 660 or Higher Credit Score
- Fixed or Adjustable-Rate Mortgage (ARM)
- Loan Terms from 10 to 30 Years
- No Mortgage Insurance
- Offers Lowest Jumbo Rates
- Great Option for Loan Amounts Over $647,200
One-Time Close Construction Loans
Conventional
- As Low as 3% Down Payment
- 680 or Higher Credit Score
- No Mortgage Insurance Option
- Monthly Mortgage Insurance Cancels at 78% Loan-to-Value
- $647,200 Maximum Loan Amount
- Construction and Permanent Financing in One Mortgage
- Interest Only Payments Required During Construction
FHA (Federal Housing Administration) Loans
- 3.50% Down Payment
- 620 or Higher Credit Score
- 1.75% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.85% Monthly Mortgage Insurance
- Remains for Life of Loan (if Down Payment is < 10%)
- $420,680 Maximum Loan Amount (Jefferson County)
- Construction and Permanent Financing in One Mortgage
- No Payments Required During Construction
VA (Veterans Affairs) Loans
- 0% Down Payment
- 620 or Higher Credit Score
- 2.30% Upfront Mortgage Insurance Premium (First-Time Use)
- Financed into Loan Amount
- Will Vary Depending on Down Payment and Subsequent Use
- No Mortgage Insurance Required
- No Maximum Loan Amount
- Construction and Permanent Financing in One Mortgage
- No Payments Required During Construction
USDA (Rural Housing) Loans
- 0% Down Payment
- 640 or Higher Credit Score
- 1.00% Upfront Mortgage Insurance Premium
- Financed into Loan Amount
- 0.35% Monthly Mortgage Insurance
- Remains for Life of Loan
- Income and Property Areas Restricted
- Construction and Permanent Financing in One Mortgage
- No Payments During Construction
Down Payment Assistance Program
Regular Down Payment Assistance
- Purchase Price Up to $314,827
- Assistance in the Form of a Loan Up to $6,000
- Repayable Over a 10 Year Term at 5.50%
Affordable Down Payment Assistance
- Purchase Price Up to $314,827
- Assistance in the Form of a Loan Up to $6,000
- Repayable Over a 10 Year Term at 1.00%
- Borrower Must Meet Affordable DAP Income Limits
FirstāTime Homebuyer Tax Credit
Tax Credit Benefits
- Convert 25% of Annual Mortgage Interest Paid to a Tax Credit
- Remaining 75% of Mortgage Interest Can Still Be Taken as a Yearly Deduction
- Dollar-for-Dollar Reduction of Federal Tax Liability Annually
- Up to $2,000 Per Year
- Life of Loan Tax Credit
- As Long as Home is Primary Residence
- Anticipated Credit Can Be Used to Help Qualify the Borrower
- Maximum Purchase Price of $283,344
- Maximum Household Income of $76,400 (Jefferson County)
Tax Credit Example
- Purchase Price = $140,000
- 30 Year Fixed Interest Rate = 4.00%
- Mortgage Interest Paid in First Year = $140,000 x 4.00% = $5,600
- Tax Credit Amount = $5,600 x 25% = $1,400
- Remaining $4,200 is Tax Deductible
- Monthly Amount to Help Qualify = $1,400 / 12 Months = $116.67
- Reduces Borrower Debt-to-Income Ratio
No Closing Cost Home Loans
Call Us for Details