MORTGAGE LENDING AND GRANT PROGRAMS
[Pages:1]MORTGAGE LENDING AND GRANT PROGRAMS
Conventional Financing
Conventional loan with no grants
FHA Financing
FHA loan with no grants
VA Financing
VA loan with no grants
Amount
No limit ($417,000 for fixed-rate loans)
Amount
$271,050 (single family home)
Amount
100% financing available
Down payment
As low as 5% with private mortgage insurance or 3% down
if first-time homebuyer
Eligibility
Subject to credit underwriting
Down payment
3.5% down
Eligibility
Subject to credit underwriting
Down payment
None, if sales price doesn't exceed appraised value
Eligibility
Servicemembers and veterans, spouses, and other eligible beneficiaries who meet certain requirements
USDA Rural Development Financing
USDA Rural development loan with no grants
Amount
100% financing available
Down payment
None, if sales price doesn't exceed appraised value
Eligibility
Subject to credit underwriting
Grants Available:
Amount
Down payment
Grants can be used with Conventional, FHA, VA or Rural Development financing.
IHDAccess Downpayment Assistance
4%, 5% or 10% programs available with varied terms
Contribute one percent or $1,000 of the purchase price, whichever
is greater
Eligibility
Income and purchase price limits apply
Downpayment Plus
Up to $6,000 to use toward down payment and closing costs (5- year
forgiveable)
Contribute at least $1,000 to the purchase of the home
Annual household income at or below 80% of HUD median income for the county, adjusted for household size
Construction Financing
Construction Loans
Amount
No limit
Down payment
At least 20% equity in completed project
Eligibility
Subject to credit underwriting
Other restrictions may apply to all loans. Loans subject to credit underwriting. Visit with a Fortress mortgage lender for complete details.
Rev 3-5-18
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