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. 

Affordable mortgage options Fannie Mae/Freddie Mac HomeReady® (Fannie Mae)/ HomePossible® (Freddie Mac) Fannie 97 Freddie HomeOne1 FHA Veteran2 Community Homeownership Incentive Program (CHIP) USDA/Rural development3
Down payment required4 5% 3% 3% 3.5% 0% 3% 0%
Minimum borrower contribution $0 $0 $0 $0 $0 $500 $0
Mortgage insurance (If applicable) Multiple options including lender paid and monthly premium options Upfront and monthly premium Upfront fee (one-time funding fee) Not required Upfront and monthly guarantee fee
Condos?5 Yes Yes Yes Restricted Restricted Yes Restricted
Maximum income limits? No May apply No No No May apply Yes
Maximum seller contribution 3% 3% 3% 6% 4% plus closing costs 6% 6%
Lender credit and gifts from approved sources allowed Yes Yes Yes Yes Yes Yes Yes
Manufactured homes6 No Yes No Yes Yes Yes Yes

What’s next for you?

I want to get preapproved.7

I want to get preapproved.7

I'm ready to apply.

I'm ready to apply.

Other 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 with your down payment.
  • Are concerned about qualifying for a loan.

You may have additional options

Depending on where you live, other down payment or grant programs may be available. Talk to a Truist mortgage professional to learn all your options.