FHA Loan Qualifications when using Zero Down Down Payment Programs

FHA Loans are easiest loans to qualify for if you are not a Veteran. Starting with a 580 credit score with most of our lenders and a 3.5% down payment, it is an affordable solution for many buyers with less than perfect credit. FHA Mortgages require the least amount of money in reserves and allow borrowers to use the highest percentage of their income toward their monthly payments.

Zero Down FHA loan programs start at 620 credit scores and are tied to down payment assistance programs.

For borrowers with 680 and higher credit scores HFA Preferred Risk Sharing loans offer a down payment ranging from $0 to $1000 dollar along with no private mortgage insurance. Use the quick search below to find out what down payment assistance programs you qualify for.

Loan Programs

CBC offers Zero down Conventional and FHA loans with no Income Limits as well as reduced interest loans with income limits.

Unison Home Ownership Investors offer matching down payment loans for purchase prices up to Ten Million Dollars.

FIRST MORTGAGE PROGRAMS

Conventional Loans

CBC Conventional 97 Loan Program
The CBC Conventional 97 program is a conventional first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. You can own a home and use this program to buy a new primary residence.

CBC Conventional Loan Program
The CBC Conventional program is a conventional first mortgage with reduced interest rates. This loan has income limits that are 100% of the AMI. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs.

Government Insured Loans

CBC DPA Edge Loan Program
The CBC DPA Edge program is a FHA first mortgage with no max income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.

CBC Rate Advantage Loan Program
The CBC Rate Advantage program is a FHA first mortgage with 115% AMI income limit for qualifying. This loan is fully amortized for a 30-year term and is combined with the CBC down payment assistance loan for closing costs. Max Purchase price is equal to FHA Loan Limit for the county.

DOWN PAYMENT ASSISTANCE PROGRAMS

The money you put “down” or the down payment on your home loan can be one of the largest hurdles for many first-time home buyers. That’s why CBC offers several options for down payment and closing cost assistance. This type of assistance is often called a second or subordinate loan. CBC’s subordinate loans can be “soft seconds” or “repayment seconds” depending on what is best for the buyers situation.

CBC Soft Second
The CBC soft second can be forgiven after 36 on time payments on your first mortgage. If you miss a payment the 36 on time payments start over from zero.

CBC Repayment Second
The CBC repayment second can be one of the following. 10 year at zero interest, 30 year at 5% interest, 10 year at 2% higher rate than the CBC first mortgage or 10 year at 8%. The type of second you can use depends on which 30 year fixed first mortgage product you are using.

MORTGAGE CREDIT CERTIFICATE TAX CREDIT PROGRAM

Mortgage Credit Certificate Tax Credit Program (MCC)
A federal credit which can reduce potential federal income tax liability, creating additional net spendable income which borrowers may use toward their monthly mortgage payment. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their U.S. individual income tax returns.