Down Payment Assistance Options For Home Buyers

• Home Is Possible
• Chenoa Program
• WISH Grants
• Home At Last™
• Get a lower interest rate

BENEFITS

• Down payment assistance up to 4%
• 30-year fixed interest rate
• For first time homebuyers (not owned property in the last 3 years); teachers and military
• Forgivable after 3 years

REQUIREMENTS

• Maximum debt-to-income ration is 45%
• Borrower may not own property at the time of closing
• $105,000 annual income or less
• Maximum purchase price for non-targeted area $317,134; Maximum purchase price for targeted area $387,608
• Minimum credit score of 660
• Must live in home as primary residence
• Homebuyer education course 
• Learn More about Home Is Possible

BENEFITS

• Up to 5% down payment assistance
• Forgivable and non-forgivable option
• Minority-focused initiatives to help educate underserved communities about building wealth through sustainable homeownership

REQUIREMENTS

• FHA program offerings with a minimum credit score of 600
• 18 months of post purchase counseling for homebuyers
• Learn more about Chenoa

BENEFITS

This program is designed for first-time buyers. WISH offers eligible borrowers matching grants of up to $22,000 in down payment assistance.

REQUIREMENTS

• Have successfully completed a homebuyer counseling program
• Be a first-time homebuyer
• Meet income eligibility guidelines, as published by the Bank at the time of enrollment in the WISH Program and is at or below 80% of the HUD area median income
• Learn more about WISH Grants

BENEFITS

Provides down payment assistance to eligible homebuyers to help with the purchase of a primary residence; not restricted to first-time buyers! The assistance may also be used to help pay for closing costs. New 4% Advantage option. View the eligibility map.

REQUIREMENTS

• Credit score: 640 with 45% maximum debt-to-income ratio; 680 with 45.01 – 50% maximum debt-to-income ratio
• Income limits: $150,000 for VA, FHA, Conventional
• Loan limits: FHA: View FHA Loan Limits by County; VA: No limit; USDA Guaranteed: No limit; Conventional: $647,200
• 4% Advantage option to provide 4% of the first mortgage loan amount in the form of a 30-year forgivable second loan with no interest or payments. Forgivable upon completion of the 30-year loan term. Learn more here.

DETAILS

Get a rate as low as 3.375%*! (Today’s Rate: 5.375%) Through our Graham Team Buyer’s Program, we pay the fee to get the buy down.

• Year 1: 2% rate below market
• Year 2: 1% rate below market
• Year 3+: market rate

ADVANTAGES

• Save on interest
  • Example: $290,000 Purchase Price; estimated $8,395 savings for years 1 & 2
• Ability to refinance in 2 years should rates adjust
• Lock in today at a lower rate!