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Low Income Loans

Low Income Loans

Cash-strapped? Lower income borrowers may be eligible to pay as little as 3% down.

We offer HomeReady and HomePossible loans which have a lower, 3% down payment requirement. Your household must make at or below 80% of the median income where you are buying a home. Area Median Income (AMI) is set by Fannie Mae and Freddie Mac. Click here to see if you are eligible.

Get pre-approved

Product requirements

Meeting product requirements does not guarantee qualification. All loan product offerings are subject to underwriting approval and do not represent a commitment to lend.
3%
Minimum down payment
620
Minimum credit score
50%
Max debt-to-income
ZERO
Closing costs

Product benefits

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Lower down payment

This loan product only requires a 3% down payment, which is the lowest down payment option available to non-veterans.

Lower interest rate

This loan product is exempt from Fannie Mae / Freddie Mac risk-based fees, which may result in a lower interest rate.

Additional considerations

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Income qualification

Your household must make at or below 80% of the median income where you are buying a home. Area Median Income (AMI) is set by Fannie Mae and Freddie Mac. Click here to see if you are eligible.

Down payment considerations

If you can afford to pay more than a 3% down payment, there are advantages to doing so. Higher down payments will decrease your monthly payment by lowering your debt and potentially, your interest rate.

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