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!


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