Conventional 0% Down

Our Conventional 0% Down program provides a Down Payment Assistance loan of 3% to pay toward the down payment up to $15,000 in the form of a 2nd lien mortgage.  This program is for borrowers with income at or below 80% of the Area Median Income (AMI).  See qualification details below:

For borrowers with income at or below 80% Area Median Income, wanting to purchase their primary home.

HOW IT HELPS YOU

• Get into a house right now with NO down payment!
• You only have to bring in money for your closing costs
• Forgivable loan of 3%, up to $15,000, to complete your 3% down payment requirement. 
• More money for furniture, house repairs and maintenance
• Second lien mortgage has NO monthly payment requirement and NO interest
• Second lien balance is due when the first lien loan is refinanced or paid off, whichever comes first
• Payments on the second lien can be made throughout the term, but are not required
• 30-year fixed primary purchases only
• 1 Unit single-family, PUDs, condos
• No manufactured homes
• Down payment assistance can cover up to the lesser of 3% or $15,000 of the down payment
• Second lien is due in full as a balloon payment upon refinance or final payment of the mortgage, or a payoff
• No required monthly payment on the second lien
• Second lien does not accrue interest

BORROWER QUALIFICATIONS - 30-year fixed primary purchases only (1 Unit single-family, PUDs, condos)

Borrowers must be at or below 80% of the Area Median Income (AMI) for the address of the property that is being purchased and meet Home Possible® guideline requirements.

1. For very-low income borrowers whose qualifying income is at or below 50% AMI (VLIP borrowers), they will receive a $2,500 credit as part of the 3% assistance
2. This credit does not need to be repaid by the borrower and lowers their debt obligation from the second lien
3. 620+ FICO and LTV must be equal to or greater than 95% LTV, up to 97%

For questions about Conventional 0% Down program parameters or any of our down payment assistance programs, contact us!