At Supreme Mortgage, we believe that homeownership should be within reach for everyone. That’s why we’re excited to introduce our new 0% Down Payment Program, designed to help qualified buyers purchase a home without the burden of an upfront down payment.
How the Program Works
Our 0% Down Payment Program is tailored for buyers who meet specific criteria, making it easier for you to step into homeownership with confidence:
No Down Payment Required
Qualified borrowers can receive a down payment assistance loan of 3% of the purchase price, up to $15,000, which covers the entire down payment amount. This means you can purchase a home without needing to pay a down payment upfront.
Flexible Payment Terms
The assistance comes in the form of a second lien mortgage, which is interest-free and has no monthly payment requirements. The balance of the second lien is due only when you refinance or pay off your primary mortgage, allowing you to focus on your financial goals without added pressure.
Income-Based Eligibility
To qualify, borrowers must meet specific income requirements. If your income is at or below 80% of the Area Median Income (AMI) for your location, you may be eligible for this program. Additionally, very-low income borrowers (qualifying income at or below 50% AMI) can receive a $2,500 credit as part of the 3% assistance, reducing your debt obligation even further.
Credit Score and Loan-to-Value Requirements
To participate, you’ll need a credit score of 620 or higher, and your loan-to-value (LTV) ratio must be between 95% and 97%. These flexible criteria are designed to make the dream of homeownership more accessible.
Why Choose Our 0% Down Payment Program?
Achieve Homeownership Sooner
This program allows you to enter the housing market now, rather than waiting to save for a down payment.
Lower Financial Burden
By eliminating the need for an upfront down payment, you can keep more of your savings for other important expenses.
Flexible Repayment: The second lien mortgage has no monthly payments and no interest, giving you financial flexibility throughout the life of the loan.
Supportive Guidance
Our team at Supreme Mortgage is here to guide you through every step of the process, ensuring that you feel confident and informed as you move towards owning your home.
Is This Program Right for You?
If you’re eager to buy a home but concerned about the upfront costs, our 0% Down Payment Program could be the perfect solution. With income-based eligibility and flexible repayment terms, it’s designed to help more people achieve their homeownership goals.
Ready to Take the Next Step?
Contact Supreme Mortgage to learn more about our 0% Down Payment Program and see if you qualify.
Information subject to change. Certain restrictions apply. Subject to approval of borrower and investor guideline requirements. Down payment is provided as a 2nd lien against the subject property. 2nd lien bears a 0% interest rate and cannot exceed a $15,000 loan amount. 2nd lien has no minimum monthly payment requirements, a term of 360 months and is fully due as a balloon payment upon the occurrence of either a refinance of the 1st lien, payoff of the 1st lien or the final payment of the amortization schedule of the 1st lien. Borrower must qualify based on Home Possible® guidelines. Some exclusions may apply.
The principal, interest, and MI payment of a $350,000 30-year Fixed-Rate Loan at 6.75% and 97% loan-to-value (LTV) is $2270.09. The Annual Percentage Rate (APR) is 6.949% with estimated finance charges of $6,500. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 5/20/24 and subject to market changes. Subject to borrower approval. Some exclusions may apply.
