Low Down Payment Mortgage Loans
Sometimes coming up with a 20% down payment can be difficult if not impossible. There are options when it comes time to purchasing a home. Let First Neighbor Bank help you with a mortgage option that will get you into your home with a lower down payment.
Conventional Mortgage Loans
We offer fixed rate conventional mortgage loans with as little as 5% down, these loans are serviced locally. As a reminder, Private Mortgage Insurance (PMI) is required on mortgage loans with less than 20% down payment.
The Downpayment Plus program offers individual down payment assistance. Forgivable grants, up to $6,000 in 2020, are given to assist with down payment and closing costs. Qualifying income levels apply and grants are forgivable after receiver owns the property for a period of five years. This is a federally backed program. Funds are on a first come, first served basis and will available until funding is exhausted for the year.
If you do not meet the requirements of the low down payment option loans, please talk to us about a conventional loan available through First Neighbor Bank.