When you’re ready to buy, there’s help.

Affordable mortgage options

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

5%

Minimum down payment4

Yes

Condos5

No

Manufactured homes6

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 None

HomeReady® and HomePossible®

3%

Minimum down payment4

Yes

Condos5

Yes

Manufactured homes6

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 May apply

Fannie 97 Freddie HomeOne

3%

Minimum down payment4

Yes

Condos5

No

Manufactured homes6

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 None

FHA

3.5%

Minimum down payment4

Restricted

Condos5

Yes

Manufactured homes6

Lender credit and eligible gifts Yes
Mortgage insurance Upfront and monthly premium
Maximum seller contribution 6%
Minimum borrower contribution $0
Maximum income limit None

Veteran

0%

Minimum down payment4

Restricted

Condos5

Yes

Manufactured homes6

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)

3%

Minimum down payment4

Yes

Condos5

Yes

Manufactured homes6

Lender credit and eligible gifts Yes
Mortgage insurance Not required
Maximum seller contribution 6%
Minimum borrower contribution $0
Maximum income limit May apply

Areas that qualify for CHIP assistance

Unless otherwise noted, up to 100%8 available depending on geography and income

State of residence

Alabama - Up to 100% funding available within the MSAs of Daphne-Fairhope-Foley, Huntsville and Montgomery; up to 97% funding available for properties outside of these MSAs

Arkansas -  Up to 97% funding available in Crittenden county only.

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

Florida - Up to 100% funding available within the Cape Coral – Fort Myers, Fort Lauderdale - Pompano Beach-Sunrise, Jacksonville, Miami-Miami Beach-Kendall, Orlando-Kissimmee-Sanford, Tampa-St. Petersburg-Clearwater and West Palm Beach-Boca Raton-Boynton Beach MSAs; up to 97% funding available for properties outside of these areas.

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

Indiana - Up to 97% funding available.

Kentucky - Up to 97% funding available.

Maryland - Up to 100% funding available within the MSAs of Baltimore-Columbia-Towson, Washington-Arlington-Alexandria, DC-VA-MD-WV and Cumberland WV-MD MSA; up to 97% funding available for properties outside of these MSAs.

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

New Jersey - Up to 97% funding available.

North Carolina - 9, 10

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

Pennsylvania - Up to 97% funding available.

South Carolina - 9, 11

Tennessee - Up to 100% funding available within the Knoxville and Nashville-Davidson-Murfreesboro--Franklin MSAs; up to 97% funding available for properties outside of this MSA)

Texas - 9, 12

Virginia - 9, 13

West Virginia - Up to 100% funding available within the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA and the Cumberland WV-MD MSA; up to 97% funding available for properties outside of this MSA.

USDA & Rural Development

0%

Minimum down payment4

Restricted

Condos5

Yes

Manufactured homes6

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

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.

Call 855-398-9018

What's next for you?

I want to get preapproved.7

I'm ready to apply.