Affordable Housing:

With Our Loan Programs you can buy your first home, even if your income is low or moderate!

Owning a home is as much a part of our American culture as Mom, apple pie, and baseball. If you want the stability for your family that home ownership provides, but don't think you can afford to buy a home, this loan might surprise you. For instance, because it's designed specifically for persons with low or moderate incomes, down payments are affordably low: from 5% down to as little as 3% down. And unlike many loans, your down payment and closing costs can come from a gift, a grant, or a loan from a number of sources. To qualify for this loan, your income can't exceed a certain amount. We'll be happy to give you a package with all the details. Plus, the interest you pay on a home loan may be tax deductible. Just fill out the online loan application.

Here are some of the loan programs that we have access to:

Government Loans

The Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA), and the Rural Housing Services (RHS) are three agencies that offer government-insured loans. To obtain these loans just fill out the simple online application.

Here is some more information about various government loan programs:

State and Local Loan Programs

A number of states sponsor programs to help first-time home buyers qualify for mortgages. Local housing agencies also offer attractive loan terms to eligible home buyers in some areas. These programs typically offer very attractive loan terms (low down payment or low interest rate to first-time home buyers who meet specified income guidelines. Some state and local programs may also offer down payment and closing cost assistance.

Affordable Housing Loans

For households of modest means, the greatest barriers to homeownership are coming up with the down payment and closing costs and managing housing expenses that often are higher than those of the qualifying guidelines allowed in traditional mortgage lending.

Fannie Mae, in cooperation with housing providers, offers low and moderate-income households mortgage loan options that help overcome common barriers to homeownership. These mortgage loans offer flexible rates, allowing you to use more of your monthly income toward housing costs than other mortgage loans allow. Also, these loans require less cash at closing and for a down payment, making it easier to get into a home sooner.

Fannie Mae's Community Home Buyer’s Program®

Fannie Mae's Community Home Buyer’s Program provides financing for low- and moderate-income home buyers who represent a good credit risk but who might not qualify for home financing based on traditional lending criteria. Generally, if your household income is no more than 100 percent of your area median income, you are eligible for this type of loan. However, if the home you buy is in certain geographical areas, there is no income limit to be eligible for this program.

3/2 Option®

An important feature of the Community Home Buyer’s Program is the 3/2 Option. The 3/2 Option makes it easier for you to accumulate the minimum down payment necessary to obtain a mortgage. By taking advantage of the 3/2 Option, you can buy a home with a 3 percent down payment of your own funds instead of the 5 percent down payment usually required by lenders. The remaining 2 percent of the down payment can be supplied by a relative as a gift, or it can come from a nonprofit organization or a state, federal, or local government program in the form of a grant. To be eligible for the 3/2 Option, your household income, in most cases, may not exceed 100 percent of your area median income.