Purchase a home
with a low
down payment

Find out which program is
right for you.

Get ready for home ownership!

When it comes to buying a home, one of the most important factors is finding the financing that best fits your specific situation and goals. Many questions arise as to which loan option is best. We find that our clients appreciate the ability to choose from a vast array of low down payment options which we review in detail so they feel confident in their final choice. 

Download our FREE Home Loan Toolkit so you can make the best choice when purchasing your first home.

FHA Financing

Program Highlights:

  • 3.5% Down Payments
  • 540 FICO Acceptable
  • Low, Fixed-Rates
  • 100% gift funds acceptable for down payment and closing costs
  • No pre-payment penalties

FHA Loan Program

FHA-Insured Loans offer many benefits and a level of security that you won’t find in other loans. While the loans are funded by Mid-Island Mortgage Corp., the Federal Housing Administration (FHA) insures these mortgages so Mid-Island Mortgage Corp. can offer more borrower flexibility. This loan is particularly designed to benefit first-time homebuyers and buyers who don’t have perfect credit or a lot of money to put down.

Interested in learning more about an FHA low down payment mortgage? Download our flyer to find out more!

FHA Financing

Program Highlights:

  • 3.5% Down Payments
  • 540 FICO Acceptable
  • Low, Fixed-Rates
  • 100% gift funds acceptable for down payment and closing costs
  • No pre-payment penalties
Home Ready

Program Highlights:

  • Down Payment as Low as 3%
  • Ideal Product for First-Time Homebuyers
  • Income from Non-Occupant Borrower can be Used

Fannie Mae HomeReady™ Loan Program

HomeReady loans are ideal for home buyers with limited savings, and the down payment and closing costs can be paid from sources other than your own funds. 

A HomeReady mortgage allows co-borrowers who don’t live in the home to be included on the mortgage, such as parents or others who want to help. Plus, extended family or other household members’ income can help you qualify—even if they aren’t on the mortgage. 

HomeReady’s private mortgage insurance may cost less over time and may be eligible to be canceled once 20% home equity is reached, unlike mortgage insurance on government-insured loans. Convenient online education prepares you to buy and own a home for the long run. 

Interested in learning more about a Fannie Mae HomeReady mortgage? Download our flyer to find out more!

Home Ready

Program Highlights:

  • Down Payment as Low as 3%
  • Ideal Product for First-Time Homebuyers
  • Income from Non-Occupant Borrower can be Used
SONYMA

Program Highlights:

  • Very low fixed interest rate
  • No points
  • Financing of up to 97% of the value of the property for qualified borrowers and homes (for cooperative apartments, the maximum financing is 95%)
  • No prepayment penalties

SONYMA's Achieving The Dream Mortgage Program

SONYMA provides qualified low-income first-time homebuyers with low down payment mortgage financing at a very low fixed interest rate. You must be a first-time homebuyer as defined by SONYMA. (This requirement is waived for eligible military veterans and their household members.)  and meet SONYMA’s Household Income Limit requirements. This loan is a 30-year term only and allows for down payment assistance of $3,000 or 3% of the home purchase price (not to exceed $15,000)

Want to know if you can qualify for a SONYMA mortgage? Download our flyer to find out more!

SONYMA

Program Highlights:

  • Very low fixed interest rate
  • No points
  • Financing of up to 97% of the value of the property for qualified borrowers and homes (for cooperative apartments, the maximum financing is 95%)
  • No prepayment penalties
Home One

Program Highlights:

  • Down Payment as Low as 3%
  • One borrower must be a first-time homebuyer
  • One borrower must have a usable credit score

Freddie Mac's NEW HomeOne Program for First-Time Homebuyers

Freddie Mac's NEW HomeOne Program for First-Time Homebuyers offers down payments as low as 3% and no geographic or income restrictions (super conforming mortgages are not permitted). Single-family, condos and townhomes are eligible and it must be the borrowers' primary residence. Only one borrower must be a first-time homebuyer.

Find out more about Freddie Mac's new program for first-time homebuyers! Contact us today.

Home One

Program Highlights:

  • Down Payment as Low as 3%
  • One borrower must be a first-time homebuyer
  • One borrower must have a usable credit score
USDA

Program Highlights:

  • 0% Down Payments
  • 30-Year Fixed-Rate Mortgages
  • For Purchase or Refinance
  • Low- and Moderate-Income Eligible
  • Closing Costs May be Financed

USDA's Single Family Housing Guaranteed Loan Program

If you are looking to purchase a home in a rural area, your most inexpensive and flexible purchase and refinance loan option may be USDA's Single Family Housing Guaranteed Loan Program! This program provides low- and moderate-income households the opportunity to own adequate, modest, decent, safe and sanitary dwellings as their primary residence in eligible rural areas. Eligible applicants may build, rehabilitate, improve or relocate a dwelling in an eligible rural area.

Interested in learning more about USDA's Single Family Housing Guaranteed Loan Program? Download our flyer to find out more!

USDA

Program Highlights:

  • 0% Down Payments
  • 30-Year Fixed-Rate Mortgages
  • For Purchase or Refinance
  • Low- and Moderate-Income Eligible
  • Closing Costs May be Financed
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Are You A First
Time Home Buyer?

Download our first-time homebuyer checklist.

Looking for more information on Low Down payment Loans? Contact us today.

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© 2019 Mid-Island Mortgage Corp. All rights reserved.

Legal ©2000-2019 Mid-Island Mortgage Corp.® 900 Merchants Concourse, Suite #112, Westbury, NY 11590. All Rights Reserved. This is not a commitment to lend. Loans with poorer credit scores are priced higher and are differentiated due to the high level of credit qualifying overlays. Restrictions Apply. Licensed Mortgage Banker-NYS Department of Financial Services; MA Licensed Mortgage Lender/Broker #MC1259; Licensed by the NH Banking Department; RI Licensed Lender/Broker; Licensed by the NJ Department of Banking and Insurance; FL Mortgage Lender/Servicer; ME Supervised Licensed Lender; Licensed by the PA Department of Banking and Securities; Licensed by the Delaware State Bank Commissioner to engage in business in this State, License # 9680; CT, MD & MN Licensed Mortgage Lender; SCBOFI Mortgage Lender/Servicer; Illinois Residential Mortgage Licensee; Licensed with the North Carolina Commissioner of Banks; DC Mortgage Dual Authority Licensee; Georgia Residential Mortgage Licensee, License # 57717; Virginia State Corporation Commission #MC-4685—by refinancing your existing loan, your total finance charges may be higher over the life of the loan.; NMLS ID 1259 (www.nmlsconsumeraccess.org)