This product allows you to borrow the down payment instead of waiting to save for it.
It is designed for borrowers who want to own a home now but have not yet saved the entire down payment. These buyers recognize the value of purchasing sooner, especially if they anticipate a career change or job transition that could delay their ability to qualify due to employment changes.
The maximum Loan-to-Value for this product is 95% on a purchase.
Down payment sources can include a credit card, personal line of credit, personal loan, or a loan from a friend or other lender.
Applicants must have a minimum credit score of 680 and a solid credit repayment history. Additionally, the repayment of the borrowed down payment must be verified and factored into the assessment. Traditional Debt Servicing Ratios apply to ensure financial stability.