Home Possible

The Freddie Mac Home Possible^® mortgage offers more options and credit flexibilities than ever before to help low to moderate income borrowers attain their dream of owning a home. In addition to its down payments requirements of as little as 3%, Home Possible offers competitive pricing and the ease of a conventional mortgage.

Minimum 3% down payment
Down payment assistance allowed. Down payment can come from a variety of sources, including family, employer-assistance programs and secondary financing
Purchase and no cash out refinance available
Income limits apply
Eligible for 1-4 units, condos, and planned-unit developments
Homeownership education required for first-time homebuyers
Fixed-rate mortgages with 15, 20, and 30 year terms.

Home Ready

The Home Ready program through Hallmark Home Mortgage is designed for creditworthy, low to moderate income borrowers. It provides expanded eligibility and flexibility for financing homes in designated low income, minority and disaster impacted communities while supporting sustainable homeownership. Are you Home Ready?

Available for purchase or refinance
Purchase a 1-unit primary residence, condo, 2-4 unit property, planned unit development
Reduced monthly mortgage insurance
Income limits apply
First-time homebuyer permitted
Homebuyer education is required
Down payment may be gifted 3% minimum borrower contribution required for down payment on multi-unit properties

IHCDA Loan Products

Achieve the dream of home ownership with little to no money out of pocket using the Indiana Housing & Community Development Authority (IHCDA) down payment assistance programs. Assistance is based on the loan type and eligible homeowners can receive a forgivable grant of up to 4% of the home’s purchase price that can be applied toward down payment, closing costs or obtaining low interest fixed rate loans. Below is a brief overview of the programs that are offered:

IHCDA FIRST PLACE

First-time homebuyer only, unless borrower is in a qualified census tract or a veteran
FHA 30 Year fixed rate loans only (set by IHCDA)
Single-family residence
Down Payment Assistance (DPA) of up to 6%, may be used for down payment, closing costs and pre-paids

MORTGAGE CREDIT CERTIFICATE

First-time homebuyer unless purchasing in a targeted area
Income and Acquisition limits apply
30 year fixed rate (lender sets rate)
Federal Tax benefit
FHA, Conventional, VA or USDA Rural Housing financing eligible
Not eligible for multiple parcels

NEXT HOME

Income limits apply
30 year fixed rate (set by IHCDA)
FHA financing only
DPA – 3.5% of purchase price or appraised value, whichever is less
Multiple parcels allowed
Not eligible to receive any cashback at closing
Does not have to be a first-time homebuyer
Can be combined with MCC – MCC guidelines apply including requirement be first-time homebuyer unless purchasing in a targeted area

NEXT HOME COMBO

First-time homebuyer unless purchasing in a targeted area
Income and Acquisition limits apply
30 year fixed rate (set by IHCDA)
Federal Tax benefit
FHA financing only
DPA 3.5% of purchase price or appraised value, whichever is less

MSHDA Loan Programs

For many potential homebuyers – especially first-time buyers – the down payment can be difficult. The MSHDA Home Loan Program with Michigan Down Payment Assistance is designed to make it a little easier for qualified homebuyers in targeted areas.

MSHDA HOME LOAN FLEX PROGRAM

Michigan Down Payment Assistance of 4% of the purchase price. Up to $7,500
Available to first-time and repeat homebuyers statewide.
Income limits can vary depending on family size and property location.
Maximum sales price is $224,500 statewide.
Available for FHA only up to 97% LTV.

OHFA Loan Products

The Ohio Housing Finance Agency (OHFA) offers several affordable loan options to help you achieve the dream of homeownership. OHFA offers mortgage loans with generous income and purchase price limits that are designed for home buyers with low to moderate-income. OHFA loans can help homeowners with down payment and closing costs.

OHIO HEROES

OHFA rewards Ohio residents who serve the public with a discounted mortgage interest rate and all the benefits of a first-time homebuyer
Down payment assistance available
Income limits and purchase price limits apply

NEXT HOME

Home will serve as primary residence
Homebuyer education required
Down payment assitance available in the amounts of 2.5% or 5%

YOUR CHOICE! DOWN PAYMENT ASSISTANCE

Free homebuyer education required
Income limits and purchase price limits apply
Down payment assistance available in the amounts of 2.5% or 5%

GRANTS FOR GRADS

First-time homebuyer only
Income and purchase price limits apply
Down payment assistance available in the amounts of 2.5% or 5%
Free homebuyer education required
Debt to income ratios for your loan type must be met

MORTGAGE TAX CREDIT

First-time homebuyers eligible
Down payment assistance available in the amounts of 2.5% or 5% when combined with OHFA’s first-time homebuyer program