Top 5 Loan Programs For Home Buyers
These loan programs are available to all homebuyers for the purchase of a primary residence. Leveraging the programs below can help you keep cash in your pocket and pay less monthly.
- Down Payment Assistance Grants
- Closing Cost Assistance Grants
- Low Down Payment Conventional Loans
- Low Down Payment Government Loans
- No Mortgage Insurance Options with less than 20% down
Check Your Eligibility
Down Payment Assistance Grants
Down payment assistance grants can be used to help you get in the door on a home purchase. The grants are essentially free money that can be used to purchase a home.
The down payment assistance providers have approved companies such as HomePad Lending to offer these programs. HomePad Lending will be able to approve you for the mortgage loan and the assistance simultaneously.
To receive down payment assistance grants you will need:
-620+ credit score
-1% of the purchase price to cover closing costs
-qualifying income to show the ability to repay the mortgage
To get approved for down payment assistance, you can check your eligibility.
Closing Cost Assistance Grants
Closing cost assistance grants can be applied towards the closing costs on a home purchase. The benefit with these programs is you will receive lower interest rates when only using assistance to cover the closing costs.
To receive the closing cost assistance, you will have to go through an approved lender for the mortgage such as HomePad Lending. HomePad Lending will be able to approve you for the mortgage loan and the closing cost assistance simultaneously.
To receive closing cost assistance you will need:
-620+ credit score
-3% down payment (can be gifted)
-qualifying income to show the ability to repay the mortgage
To get approved for closing cost assistance, you can check your eligibility.
Low Down Payment Conventional Loans
A 3% down conventional loan may be best for homeowner’s looking for some of the best financing terms on the market. The 3% down conventional is available to first-time homebuyers and repeat homebuyers who fall into an approved census tract. Generally speaking, to do a 3% down conventional loan, the banks will look for:
-680+ credit score
-3% down payment (can be gifted)
-qualifying income to show the ability to repay the mortgage
To get approved for a low down payment conventional loan, you can check your eligibility.
Low Down Payment Government Loans
A 3.5% down FHA loan may be best for homeowner’s looking to get great financing terms with credit scores less than 700. The 3.5% down FHA financing is available to everyone looking to purchase a primary residence. Generally speaking, to do a 3.5% down FHA loan, the banks will look for:
-580+ credit score
-3.5% down payment (can be gifted)
-qualifying income to show the ability to repay the mortgage
The next step in the process would be to check your eligibility to get approved for the low down payment government loans.
Loans With No Mortgage Insurance
Most people don’t even know that they can purchase a home, put less than 20% down and not be required to carry mortgage insurance. So these loans will generally have much higher requirements to qualify. Ideally, the banks will want to see 5% down with credit scores over 720. Generally speaking, to obtain a loan with no mortgage insurance, the banks will look for:
-720+ credit score
-5% down payment (can be gifted)
-qualifying income to show the ability to repay the mortgage
This particular loan product is truly amazing and in order to get approved for a mortgage loan with no mortgage insurance you will want to check your eligibility.
Check Your Eligibility
See What Our Clients Are Saying…
“Ryan, Rimington, and the team were a pleasure to work with. This was our first home, and after having such a bad experience with the preferred lender, a co worker referred us to them, and the process became so much easier. They were constantly checking in with us and giving us updates so we felt confident with the entire process, even when things got stressful toward the end. They were a constant advocate and fun to talk to and work with. I would recommend them to anyone :)”
If you are on the fence about using Homepad Lending like I was initially i can tell you without hesitation you absolutely should! This was by far the easiest, quickest and less stress refi experience I have ever had from beginning to end!
Ryan was so helpful and answered all my questions quickly. Rimi was great and kept in touch every step of the way! Keep up the good work guys!
“I just wrapped up my refinance with HomePad Lending. Ryan Harris and his brother Rimington, were outstanding. We had an initial issue with debt to income ratios but Ryan found another lender that was willing to work with us. I couldn’t be more happier. I ended up with an additional $375 per month in my pocket thanks to Ryan’s persistence. I highly recommend HomePad Lending for all your financing needs. Thank you Ryan and Rimington!!!!”
“Rimington did a great job on processing our refinance. We got a great rate and closing costs were minimal. They closed the loan in less than thirty days and everything went smooth. I would use them again in the future!”