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Affordable mortgage options When you're ready to buy, there's help.

Low or no-down-payment mortgage options can make you a homeowner sooner than you thought.

Support for qualifying buyers is available.

You can say ‘yes’ to owning a home—even if your down payment isn’t where you think it should be. 

Fannie Mae and Freddie Mac

Fannie Mae and Freddie Mac support table
Minimum down payment 5%
CondosDisclosure 4 Yes
Manufactured homesDisclosure 6 No
Eligible gifts Yes
Mortgage insurance Lender-paid, monthly premium, and more
Maximum seller contribution 3%
Minimum borrower contribution $0
Maximum income limit None

HomeReady® and HomePossible®

HomeReady® and HomePossible® support table
Minimum down payment 3%
CondosDisclosure 4 Yes
Manufactured homesDisclosure 6 Yes
Lender credit and eligible gifts Yes
Mortgage insurance Lender-paid, monthly premium, and more
Maximum seller contribution 3%
Minimum borrower contribution 0%
Maximum income limit Yes

Fannie 97 Freddie HomeOne1

Fannie 97 Freddie HomeOne support table
Minimum down payment 3%
CondosDisclosure 4 Yes
Manufactured homesDisclosure 6 No
Eligible gifts Yes
Mortgage insurance Lender-paid, monthly premium, and more
Maximum seller contribution 3%
Minimum borrower contribution 3%
Maximum income limit None

FHA

FHA support table
Minimum down payment 3.5%
CondosDisclosure 4 Restricted
Manufactured homesDisclosure 6 Yes
Lender credit and eligible gifts Yes
Mortgage insurance Upfront and monthly premium
Maximum seller contribution 6%
Minimum borrower contribution $0
Maximum income limit None

Veteran2

Veteran support table
Minimum down paymentDisclosure 3 0%
CondosDisclosure 4 Restricted
Manufactured homesDisclosure 6 Yes
Lender credit and eligible gifts Yes
Mortgage insurance Upfront fee (one-time funding fee)
Maximum seller contribution 4% plus closing costs
Minimum borrower contribution $0
Maximum income limit None

Community Homeownership Incentive Program (CHIP)

View qualifying areas.

Community Homeownership Incentive Program (CHIP)
Minimum down payment 0% - 3%
CondosDisclosure 4 Yes
Manufactured homesDisclosure 6 Yes
Lender credit and eligible gifts Yes
Mortgage insurance Not required
Maximum seller contribution 6%
Minimum borrower contribution $500
Maximum income limit May apply

Areas that qualify for CHIP assistance

Unless otherwise noted, up to 100% funding3 available depending on geography

State of residence

Alabama - Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Anniston, AL MSA
  • Auburn, AL MSA
  • Mobile, AL MSA
  • Montgomery, AL MSA
  • Tuscaloosa, AL MSA

Arkansas -  Up to 97% funding available for properties in Crittenden County only.

Florida - Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Homosassa Springs, FL MSA
  • Jacksonville, FL MSA
  • Miami, FL MSA
  • Ocala, FL MSA
  • Orlando, FL MSA
  • Punta Gorda, FL MSA
  • Sarasota, FL MSA
  • Tallahassee, FL MSA
  • Tampa, FL MSA

Georgia: Up to 100% funding available within the Atlanta-Sandy Springs – Alpharetta, GA MSA; up to 97% funding available for properties outside of this MSA.

Georgia - Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Albany, GA MSA
  • Atlanta, GA MSA
  • Brunswick, GA MSA
  • Gainesville, GA MSA

Indiana - Up to 97% funding available

Kentucky - Up to 97% funding available.

Maryland - Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Baltimore, MD MSA
  • Cumberland, WV-MD MSA
  • Washington DC-MD-VA-WV MSA  

Mississippi - Up to 97% funding available in DeSoto County only.

New Jersey - Up to 97% funding available.

North Carolina: Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Charlotte, NC-SC MSA
  • Durham, NC MSA
  • Fayetteville, NC MSA
  • Goldsboro, NC MSA
  • Greensboro, NC MSA
  • Greenville, NC MSA
  • Jacksonville, NC MSA
  • Raleigh, NC MSA
  • Rocky Mount, NC MSA
  • Winston-Salem, NC MSA

Ohio - Up to 97% funding available in the counties of Brown, Butler, Clermont, Hamilton and Warren.

Pennsylvania - Up to 100% funding available for properties within Delaware and Philadelphia Counties (up to 97% outside of these counties) 

South Carolina- Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Charlotte, NC-SC MSA
  • Columbia, SC MSA

Tennessee - Up to 100% funding available for properties within the following MSA (up to 97% outside of these MSAs):

  • Morristown, TN MSA

Texas- Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Austin, TX MSA 
  • College Station, TX MSA
  • Houston, TX MSA
  • Midland, TX MSA

Virginia- Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Richmond, VA MSA
  • Virginia Beach, VA MSA
  • Washington DC-MD-VA-WV MSA 
  • Winchester, VA MSA

Washington, D.C. - Up to 100% funding available within the Washington DC-MD-VA-WV MSA; up to 97% funding available for properties outside of this MSA.

West Virginia - Up to 100% funding available for properties within the following MSAs (up to 97% outside of these MSAs):

  • Cumberland, WV-MD MSA
  • Washington DC-MD-VA-WV MSA  

USDA Rural Development

USDA & Rural Development support table
Minimum down paymentDisclosure 3 0%
CondosDisclosure 4 Restricted
Manufactured homesDisclosure 6 Yes
Lender credit and eligible gifts Yes
Mortgage insurance Upfront and monthly guarantee fee
Maximum seller contribution 6%
Minimum borrower contribution $0
Maximum income limit Yes

What's next for you?

I want to get preapproved.5

Get preapproved for a mortgage.

I'm ready to apply.

Apply now for a mortgage loan.

Housing Finance Agency programs may be available in your state

A Truist mortgage professional in your neighborhood can explain the features, benefits, availability, and eligibility requirements of state programs. These are usually best if you:

  • Have less than 20% to put down on your home.
  • Are a first-time homebuyer.
  • Want to use money that was gifted to you toward your mortgage.
  • Need additional assistance options for your down payment.
  • Are concerned about qualifying for a loan.
Find a professional to see what Housing Finance Agency programs are available in your area.

Call 855-398-9018

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The comparison above is not a comprehensive list of underwriting requirements. Certain geographic restrictions may apply and programs are subject to change. HomeReady® is a registered trademark of Fannie Mae. Home Possible® is a registered trademark of Freddie Mac.

1 At least one of the occupying borrowers must meet Fannie Mae’s or Freddie Mac’s definition of a first-time homebuyer.

2 Visit www.benefits.va.gov/benefits for basic military service requirements. Applicants must also meet credit and income requirements.

3 Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if the property is located in a declining market.

4 Eligible condominium projects are those that have been confirmed by Truist to meet the applicable Fannie Mae, Freddie Mac, FHA/VA and Truist condominium requirements for the loan program. Geographical limitations on total loan to-value may apply. Please consult your loan officer for details.

5 Preapproval is based on non-verified information and is not a commitment to lend by Truist Mortgage. Loan approval will be subject to, but not necessarily limited to, verification of all income, asset and liability information provided by you, satisfactory property appraisal, compliance with Truist Mortgage loan program guidelines and all required closing conditions such as survey and title examination.

6 Available LTV for manufactured housing varies by program, as follows: CHIP Maximum LTV is 97%, Rural Development and VA Maximum LTV is 100%; FHA Maximum LTV is 96.5%;  Agency Home Ready/Home Possible Maximum LTV is 95%.

Disclosures

Truist Bank, Member FDIC. © 2023 Truist Financial Corporation. Truist, the Truist logo and Truist Purple are service marks of Truist Financial Corporation.

Equal Housing Lender

Investment and Insurance Products:

  • Are Not FDIC or any other Government Agency Insured
  • Are Not Bank Guaranteed
  • May Lose Value

Services provided by the following affiliates of Truist Financial Corporation (Truist): Banking products and services, including loans and deposit accounts, are provided by Truist Bank, Member FDIC. Trust and investment management services are provided by Truist Bank, and Truist Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by Truist Investment Services, Inc., and P.J. Robb Variable, LLC., which are SEC registered broker-dealers, members  FINRA SIPC and a licensed insurance agency where applicable. Investment advisory services are offered by Truist Advisory Services, Inc., GFO Advisory Services, LLC, Sterling Capital Management, LLC, and Precept Advisory Group, LLC, each SEC registered investment advisers. Sterling Capital Funds are advised by Sterling Capital Management, LLC. Insurance products and services are offered through McGriff Insurance Services, LLC. Life insurance products are offered through Truist Life Insurance Services, a division of Crump Life Insurance Services, LLC, AR license #100103477. Both McGriff and Crump are wholly owned subsidiaries of Truist Insurance Holdings, LLC.

Mortgage products and services are offered through Truist Bank. All Truist mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

Comments regarding tax implications are informational only. Truist and its representatives do not provide tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences.

"Truist Advisors" may be officers and/or associated persons of the following affiliates of Truist, Truist Investment Services, Inc., and/or Truist Advisory Services, Inc. Truist Wealth, International Wealth, Center for Family Legacy, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are trade names used by Truist Bank, Truist Investment Services, Inc., and Truist Advisory Services, Inc.

Truist Securities is a trademark of Truist Financial Corporation. Truist Securities is a trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries. All rights reserved. Securities and strategic advisory services are provided by Truist Securities, Inc., member FINRA and SIPC. Lending, financial risk management, and treasury management and payment services are offered by Truist Bank. Deposit products are offered by Truist Bank.

Applications, agreements, disclosures, and other servicing communications provided by Truist Bank and its subsidiary businesses will be provided in English. As a result, it will be necessary for customers to speak, read and understand English or to have an appropriate translator assisting them. Truist offers the following resources for consumers that have Limited English Proficiency:

  • Multilingual teammates available at our Multicultural Banking Centers
  • Materials for some products and services are available in Spanish, Korean, Vietnamese, Mandarin, and other languages spoken in the communities we serve.
  • Phone assistance in Spanish at 844-4TRUIST (844-487-8478), option 9. For assistance in other languages please speak to a representative directly.

New York City residents:

Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at http://www.nyc.gov/dca.

  • Limited English Proficiency Support
  • New York City residents

Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

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