Low Down Payment Programs in Westbury NY

By |Published On: October 28, 2022|

Low Down Payment Programs in Westbury NY

Mid-Island Mortgage Corp. – Low Down Payment Programs in Westbury NY

Saving up enough money to make a sizable down payment on a new home can take many years or longer. It can be frustrating to put off your dream of homeownership as you try to save every extra dollar. At Mid-Island Mortgage Corp, we are a direct lender in Westbury New York that is committed to helping you achieve your homeownership goal. We offer several loan down payment programs that could help you get into your new home soon, and we are thrilled to help you find a solution that is suitable for you. What are some of our loan down payment programs in Westbury?

FHA Loan Program

Many applicants who are looking for low down payment programs in Westbury may qualify for an FHA loan. An FHA loan is funded by Mid-Island Mortgage Corp., and it is insured by the Federal Housing Authority. With the FHA’s backing, we can work with a lower down payment amount. Compared to some of the other low down payment programs in Westbury, FHA loans have greater flexibility with regard to credit scores and other factors. This flexibility enables many people who do not qualify for other financing options to get the loan that they need.

FHA Loan Program Highlights

  • A minimum down payment of 3.5%
  • FICO scores as low as 540 are acceptable
  • Competitive, fixed interest rates
  • Up to 100% gift funds are acceptable for the down payment from eligible donor
  • No prepayment penalties

Fannie Mae Home Ready Loan Program

As you continue looking at low down payment programs, consider the benefits of the Fannie Mae HomeReady program. Has a family member offered to assist with your down payment or co-sign on the loan for your upcoming purchase in Westbury New York? The HomeReady program is suitable for applicants who are getting help from a co-borrower who will not live in the new home. As is the case with many other low down payment programs in Westbury, the HomeReady program requires private mortgage insurance. However, the PMI can be canceled once you have 20% equity established in your home.

Fannie Mae Home Ready Loan Program Highlights

  • Suitable for first-time buyers
  • A minimum down payment of 3%
  • Non-occupant borrower income is acceptable

SONYMA’s Achieving the Dream Program

Another option to consider as you explore low down payment programs is SONYMA’s Achieving the Dream program. This program is offered by Mid-Island Mortgage Corp. and is available only to first-time homebuyers and eligible military professionals. If you meet the income limit requirement, you may qualify for a low interest rate and down payment assistance. Assistance is available up to $3,000 or 3% of the sales price (up to $15,000).

SONYMA’s Achieving the Dream Program Highlights

  • A minimum down payment of 3% for qualified properties and borrowers
  • No discount points
  • Low fixed rates with a 30-year term
  • No prepayment penalty

Freddie Mac’s HomeOne Program for First-Time Homebuyers

If you are searching for low down payment programs for first-time homebuyers, the Freddie Mac HomeOne program available through Mid-Island Mortgage Corp. should be considered. Whether you are buying a property in Westbury New York or elsewhere, you could take advantage of this program’s low down payment requirement. Townhomes, condos and single-family homes being purchased by a first-time homebuyer can be considered.

Freddie Mac’s HomeOne Program Highlights

  • At least one buyer must be a first-time buyer
  • One borrower must meet credit score requirements
  • A minimum of 3% down is required

Why Choose Us

We have been serving the community’s varied home lending needs for years, and our team is eager to help you with your upcoming purchase or refinance loan. Whether you are interested in low down payment programs or you have other needs, we may offer the perfect loan program for you. We consistently spend time exploring each client’s needs and situation upfront, and this enables us to successfully identify suitable financing options that meet their needs. Our associates in Westbury New York are available to discuss your purchase or refinance plans in detail, so connect with us today. Also serving Westbury, Queens New York and Woburn Massachusetts.

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