Mortgage Assistance Program

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3% down payment conventional

For this program, your credit score must be at least 640. Your closing costs can be gifted as well as the total down payment amount. This program does allow the purchase of condo units.

Freddie Mac Home Possible

The borrower's annual income must be equal to or less than the area median income (AMI) for the census tract where the property is located, except when the property is located in a designated "Underserved Area" or “High Cost” area. The down payment can be completely gifted

Home Ready Fannie Mae Program

For this program, your credit score must be at least 640. This program allows for lower coverage PMI and also non-traditional income is acceptable. Ex: Boarder income with 9 months of proof of rental income of the down payment can be gifted by someone such as a family member ,boss, or community members. 3% down for a first time home buyer or 5% is required if you have purchased before.

FHA program

To receive funds for this program, the borrower must earn equal to or less than the 115% of the area median income (AMI) to receive full down payment assistance. If you make over 115% of the AMI you must pay the loan back at 0% over a ten-year period. The borrower can, however, receive a gift to help make the payment for up to 3.5% This program has PMI (private mortgage insurance) for the life of the loan. This loan is borrower paid, and does have fairly high interest rates. It does not include condos, or town homes. (Unless the town home is fee simple, meaning you own the land under the home.)

Call us at 954-372-4370