47 Low Down Payment Mortgages By State, Including 30 States With An Option For No Mortgage Insurance

Lenders are offering more low down payment mortgage products without the usual fees. (AP Photo/Richard Vogel, File)

Looking for a low down payment mortgage? But don’t want to pay all the extra fees? You might find what you’re looking for on the list below of regional banks who provide those products or on this list of national lenders. But I know there has to be more out there! If you know of one email me the info at [email protected] or Tweet me @amydobsonre and I’ll add it to the list.

It’s been a few weeks since my 12 Low Down Payment Mortgages article about national-level lenders with better perks than your typical low down payment scenarios. Now it is time to drill down to a more local level. In the first article, seven of the banks didn’t require private mortgage insurance, many had reduced insurance costs and a bunch of them had flexibility on letting borrowers use gift funds for the down payment. Those two features showed up plenty on today’s list too, but generally speaking they all have a slightly different flavor than the big banks. Plus, many of them differ on the finer points of what they’re looking for so even if some of these programs aren’t in your area or don’t fully meet your needs they still might give you some ideas for what to look for when you shop around.

Most of the lenders on this list provide loans in more than one state. In fact, I found that in order to provide mortgage products like these banks had to have a bigger-than-local footprint so they had enough resources to support loans for people without much cash to bring to the table. To make it easier I’ve organized the list alphabetically by state and copied the details about the programs under each state. Hence, the repetition. Also, whenever I came across information about down payment assistance programs (usually from state housing authorities) I included a link to their programs too.

The biggest difference between the large lenders and these regional ones is that they have a little more flexibility when it comes to approving someone who doesn’t quite fit the list of requirements. I talked to several dozen mortgage reps around the country and the most common answer I would get when I asked about things like credit scores or reduced fees was, “It depends!” It depends on how much they’re bringing to the table. It depends on how solid a work history they have. It depends on if they’re buying a condo or a single-family house. These and so many other reasons why…it depends! Since these banks are a little closer to the communities where they work they can make decisions based on more details about an applicant than the standard checklist.

But, of course, there are some non-negotiables.

Many of these programs have limits on how much you can earn unless you’re buying a house in a census tract that is already designated low-to-moderate income. The goal there is to help revitalize those communities with homeowners who plan on staying long term. Even if you think you have too high an income, it’s worth looking in to because the income thresholds were higher than I expected in some cases. Washington D.C., for example, was about $140,000 and the Virginia suburbs near D.C. were still in the six figures. Also some of the programs say they are for first-time buyers, but they almost always define that as someone who hasn’t owned a home in the past three years. So if you got caught up in the mortgage meltdown and became a renter more than three years ago you can still qualify.

Beyond that the details can vary quite a bit. Some places require a minimum contribution of between $500-$1,000 for the transaction (for things like appraisal or inspection fees). Some places offer only fixed 30-year rates. Some require the purchase must be a single-family dwelling. I tried to provide as many details as I could get but for the banks that really didn’t give many firm specifics I included them anyway because they could end up being a good fit for some buyers. If you end up researching those banks and find out more of the requirements please let me know and I can add the details to the list (without giving up any of your info, of course!).

Alabama

The low down payment HOME product by BBVA is geared towards applicants with an income at or below 80% of the area median income or those who want to purchase a home in a low to moderate income census tract. Borrowers can use funds from gifts, down payment assistance programs, or seller contributions to help qualify. Terms of 10, 15, 20, 25, or 30 years are available. The program is also available in Arizona, California, Colorado, Florida, New Mexico and Texas.

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

Alaska

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

The Alaska Housing Finance Corporation has a closing cost/down payment assistance program that provides either 3% or 4% of the loan amount. Find out more information about that and some of the first-time homebuyer programs here.

The Native American Homeownership Initiative has a fund to provide applicants with up to $10,000 in assistance. Disbursements are first come, first serve and the applicant is reimbursed via the member institution in their area after the loan has closed. At least one of the adult members of the household being assisted must be an enrolled member of a Federally Recognized Tribe or a member or shareholder of an Alaska Village or Regional Corporation.

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

ARIZONA

The low down payment HOME product by BBVA is geared towards applicants with an income at or below 80% of the area median income or those who want to purchase a home in a low to moderate income census tract. Borrowers can use funds from gifts, down payment assistance programs, or seller contributions to help qualify. Terms of 10, 15, 20, 25, or 30 years are available. The program is also available in Alabama, California, Colorado, Florida, New Mexico and Texas.

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

Arkansas

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Alabama, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

California

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

Colorado

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Vermont, Massachusetts, New York, Connecticut, Pennsylvania, Ohio, Indiana, Michigan, Utah, Idaho, Oregon, Washington, and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Connecticut

Citizens Bank has a Community Lending mortgage program that can require as low as 3% down with no PMI. It does have restrictions based on location and income, but they weren’t very forthcoming with any other details about the program. The program is also available in Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Vermont, Massachusetts, New York, Pennsylvania, Ohio, Indiana, Michigan, Colorado, Utah, Idaho, Oregon, Washington, and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Delaware

Del-One Federal Credit Union has two mortgage programs and a down payment assistance program that might appeal to people who want a low down payment mortgage. The First-Time Home Buyer Program and the 100% Loan-to-Value programs are not restricted to low-to-moderate census tracts and do not have any income limits. You can’t have owned a home within the past three years and you do have to have several months of principal, interest, taxes, and insurance in reserves.

First-Time Home Buyer Program

Min credit score: 680 credit score required
No PMI
As low as 5% down
Fixed interest rates with terms of 10-, 15-, 20-, 25- and 30-years
Allows for 6% seller contribution to cover settlement costs
Two months’ PITI reserves required
Gifts from immediate relatives are allowed to cover closing costs
Maximum loan amount is $300,000

100% LTV Mortgage:

Min credit score: 700
No PMI
No down payment is required
Not restricted to first-time home buyers
10/1 ARM
Allows for 6% seller contribution to cover settlement costs
Gifts from immediate relatives are allowed to cover closing costs
Four months’ PITI reserves required
Maximum loan amount is $600,000

First Front Door Grant

FFD Grant funds are made possible through a partnership with Del-One Federal Credit Union and the Federal Home Loan Bank of Pittsburgh. They are available on a first-come, first-served basis for first-time home buyers whose total household income is at or below 80 percent of the area median income. If eligible, the Bank matches member contributions at a ratio of 3 to 1, up to a maximum of $5,000. This means you have to have $1,666.67 invested in the transaction in order to receive the maximum grant benefit.
Homes do not have to be in targeted census tracts
Requires HUD-Certified housing counseling
Must qualify for mortgage financing with Del-One Federal Credit Union
Must maintain the subject property as a primary residence for five years from settlement or grant must be repaid at a pro-rated amount

Citizens Bank has a Community Lending mortgage program that can require as low as 3% down with no PMI. It does have restrictions based on location and income, but they weren’t very forthcoming with any other details about the program. The program is also available in Connecticut, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.

District of Columbia

The D.C. Housing Finance Agency has a DC Open Doors program makes zero down payment loans possible by combining competitive interest rates and lower mortgage insurance costs on a first mortgage with a fully forgivable second trust loan to meet minimum down payment requirements.

Min credit score: 640
As low as zero down
Reduced mortgage insurance
Must earn under $140,640 per year
Not based on household income, only on income of borrowers
Must work with a real estate agent and approved lender

Florida

The low down payment HOME product by BBVA is geared towards applicants with an income at or below 80% of the area median income or those who want to purchase a home in a low to moderate income census tract. Borrowers can use funds from gifts, down payment assistance programs, or seller contributions to help qualify. Terms of 10, 15, 20, 25, or 30 years are available. The program is also available in Alabama, Arizona, California, Colorado, New Mexico and Texas.

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Alabama, Arkansas, Louisiana, Mississippi, Missouri, Tennessee and Texas.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

Fifth Third Bank has Down Payment Assistance program that provides a grant toward down payment or closing costs without the requirement to pay it back. As with many of the other programs the property has to be in a low to moderate income census tract or, if it isn’t, there are income limits for applicants. It is paired with Freddie Mac’s Home Possible Advantage Mortgage but it has a slightly lower minimum credit score than most of the others so it seemed worth including it on this list. The program is also available in Michigan, Indiana, Illinois, Kentucky, Tennessee, Ohio, West Virginia, North Carolina, Georgia, Florida.

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Georgia

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. In some of these states First Horizon does business under a different name, such as First Tennessee Bank and Capital Bank.

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Hawaii

The Native American Homeownership Initiative has a fund to provide applicants with up to $10,000 in assistance. Disbursements are first come first serve and the applicant is reimbursed via the member institution in their area after the loan has closed. At least one of the adult members of the household being assisted must be a Native Hawaiian eligible to reside on Hawaiian Home Lands. In regard to Native Hawaiians, only households acquiring property on Hawaiian Home Lands are eligible.

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Idaho

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Illinois

Midland State Bank’s Believable Banking Home Mortgage is another investment in low to moderate income communities and buyers. This one requires an emergency reserve fun equal to one percent of the loan and in addition to the emergency fund a $1,000 minimum contribution from borrower toward the transaction is required.

Min credit score: not credit score driven
PMI not required
Up to zero down
Single Family Residence, 1-4 Unit Buildings, Attached/Detached, and Condos
Most down payment assistance programs allowed
May not be available in every market
Homeownership counseling required

Fifth Third Bank has Down Payment Assistance program that provides a grant toward down payment or closing costs without the requirement to pay it back. As with many of the other programs the property has to be in a low to moderate income census tract or, if it isn’t, there are income limits for applicants. It is paired with Freddie Mac’s Home Possible Advantage Mortgage but it has a slightly lower minimum credit score than most of the others so it seemed worth including it on this list. The program is also available in Michigan, Illinois, Kentucky, Tennessee, Ohio, West Virginia, North Carolina, Georgia, Florida.

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Indiana

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Vermont, Massachusetts, New York, Connecticut, Pennsylvania, Ohio, Michigan, Colorado, Utah, Idaho, Oregon, Washington, and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Fifth Third Bank has Down Payment Assistance program that provides a grant toward down payment or closing costs without the requirement to pay it back. As with many of the other programs the property has to be in a low to moderate income census tract or, if it isn’t, there are income limits for applicants. It is paired with Freddie Mac’s Home Possible Advantage Mortgage but it has a slightly lower minimum credit score than most of the others so it seemed worth including it on this list. The program is also available in Michigan, Indiana, Kentucky, Tennessee, Ohio, West Virginia, North Carolina, Georgia, Florida.

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Iowa

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

KANSAS

The Kansas Housing Assistance Program does have a down payment assistance program that will provide up to 5% down payment assistance depending on the type of loan. The loans on the list are all the standard types of loans so they most likely come with mortgage insurance though that wasn’t specified.

Min credit score: 640 (USDA, VA, Conventional loans); 660 (FHA loans)
30-year fixed rate
Income limits
- Kansas City area: $92,000
- Lawerence area: $90,965
- All other areas: $84,065

KENTUCKY

Fifth Third Bank has Down Payment Assistance program that provides a grant toward down payment or closing costs without the requirement to pay it back. As with many of the other programs the property has to be in a low to moderate income census tract or, if it isn’t, there are income limits for applicants. It is paired with Freddie Mac’s Home Possible Advantage Mortgage but it has a slightly lower minimum credit score than most of the others so it seemed worth including it on this list. The program is also available in Michigan, Indiana, Illinois, Tennessee, Ohio, West Virginia, North Carolina, Georgia, Florida.

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Louisiana

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

Maine

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Vermont, Massachusetts, New York, Connecticut, Pennsylvania, Ohio, Michigan, Colorado, Utah, Idaho, Oregon, Washington, and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Maryland

The state administers a Maryland Mortgage program that has several ways of helping buyers relieve the financial burden for buying properties in approved areas. The Partner Match Program, for example, will provide up to $3,500 for applicants who also receive funds from an approved loan assistance program, such as grants from organizations or employers.

There is also a SmartBuy program which provides special financing for applicants to pay off their student loans as part of the purchase of selected properties. Until now homebuyers have been restricted to choosing properties from a limited number of selected properties but starting August 6^th, 2018 they’re rolling out a temporary program called SmartBuy 2.0 which expands the type of properties eligible for the program. They must meet Maryland Mortgage Program guidelines (no mansions!) but it can include the following:

Existing homes
New construction, only if located in a Priority Funding Area (PFA). For new construction, confirm that the property is located in a PFA by using DHCD’s mapping tool at http://www.dhcd.state.md.us/GIS/MMP/index.html
Eligible dwelling types include: single-family, one-unit residences, including townhouses; detached and semi-detached homes; condominiums units; and modular homes
The lot size cannot exceed four acres (possible exceptions for properties with septic and/or zoning considerations that require additional acreage). The maximum exception will not exceed ten acres.

The credit score guidelines are as follows:

680 with no reserves and debt-to-income less than or equal to 36%
700 with no reserves and debt-to-income greater than 36% but less than or equal to 45%
680 with two months of reserves and debt-to-income greater than 36% but less than or equal to 45%

Massachussetts

For low monthly income applicants ONE Mortgage provides interest-subsidy loans and favorable loans terms. The exact income threshold varies by community, but applicants can’t have more than $75,000 in household assets (excluding retirement, government-approved savings plans, and closing cost assistance programs) and they can’t have owned a home within the past three years.

Min down payment: 3% with at least 1.5% from your own savings
Min credit score: 660 for single family or condo; 680 for 2-3 family
No PMI
Non-traditional credit option possible
Must be primary residence for the term of the loan
Must not have owned a home in the past three years
Must complete a homebuyer education class

Michigan

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Vermont, Massachusetts, New York, Connecticut, Pennsylvania, Ohio, Indiana, Colorado, Utah, Idaho, Oregon, Washington, and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Citizens Bank has a Community Lending mortgage program that can require as low as 3% down with no PMI. It does have restrictions based on location and income, but they weren’t very forthcoming with any other details about the program. The program is also available in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.

Fifth Third Bank has Down Payment Assistance program that provides a grant toward down payment or closing costs without the requirement to pay it back. As with many of the other programs the property has to be in a low to moderate income census tract or, if it isn’t, there are income limits for applicants. It is paired with Freddie Mac’s Home Possible Advantage Mortgage but it has a slightly lower minimum credit score than most of the others so it seemed worth including it on this list. The program is also available in Indiana, Illinois, Kentucky, Tennessee, Ohio, West Virginia, North Carolina, Georgia, Florida.

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Minnesota

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Mississippi

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Alabama, Arkansas, Florida, Louisiana, Missouri, Tennessee and Texas.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia.

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

Missouri

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Alabama, Arkansas, Florida, Louisiana, Mississippi, Tennessee and Texas.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Montana

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

New Hampshire

Citizens Bank has a Community Lending mortgage program that can require as low as 3% down with no PMI. It does have restrictions based on location and income, but they weren’t very forthcoming with any other details about the program. The program is also available in Delaware, Massachusetts, Michigan, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont.

New Jersey

Citizens Bank has a Community Lending mortgage program that can require as low as 3% down with no PMI. It does have restrictions based on location and income, but they weren’t very forthcoming with any other details about the program. The program is also available in Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New York, Ohio, Pennsylvania, Rhode Island and Vermont.

New Mexico

The low down payment HOME product by BBVA is geared towards applicants with an income at or below 80% of the area median income or those who want to purchase a home in a low to moderate income census tract. Borrowers can use funds from gifts, down payment assistance programs, or seller contributions to help qualify. Terms of 10, 15, 20, 25, or 30 years are available. The program is also available in Alabama, Arizona, California, Colorado, Florida and Texas.

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

New York

North Carolina

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Georgia, Mississippi, South Carolina, Tennessee, Texas and Virginia

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

North Dakota

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, Oregon, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Ohio

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Oregon

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, South Dakota, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Pennsylvania

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Vermont, Massachusetts, New York, Connecticut, Ohio, Oregon, Indiana, Michigan, Colorado, Utah, Oregon, Washington, and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Rhode Island

South Carolina

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Georgia, Mississippi, North Carolina, Tennessee, Texas and Virginia

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

South Dakota

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, Utah, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Tennessee

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Georgia, Mississippi, North Carolina, South Carolina, Texas and Virginia

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Alabama, Arkansas, Florida, Louisiana, Missouri, Mississippi and Texas.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

Fifth Third Bank has Down Payment Assistance program that provides a grant toward down payment or closing costs without the requirement to pay it back. As with many of the other programs the property has to be in a low to moderate income census tract or, if it isn’t, there are income limits for applicants. It is paired with Freddie Mac’s Home Possible Advantage Mortgage but it has a slightly lower minimum credit score than most of the others so it seemed worth including it on this list. The program is also available in Michigan, Indiana, Illinois, Kentucky, North Carolina, Ohio, West Virginia, Georgia, Florida.

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

Texas

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee and Virginia

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

BancorpSouth has a low down payment program called the Right@Home mortgage program that is designed for people with income at or below 80% of the area median income or those who are purchasing a home in a low to moderate income census tract. It is a 30-year fixed rate product. The program is also available in Alabama, Arkansas, Florida, Louisiana, Missouri, Mississippi and Tennessee.

Min credit score: not provided
No PMI
As low as zero down
Non-traditional credit history accepted
Reduced fees
Single family dwellings and condos are eligible
Min contribution of $500

The low down payment HOME product by BBVA is geared towards applicants with an income at or below 80% of the area median income or those who want to purchase a home in a low to moderate income census tract. Borrowers can use funds from gifts, down payment assistance programs, or seller contributions to help qualify. Terms of 10, 15, 20, 25, or 30 years are available. The program is also available in Alabama, Arizona, California, Colorado, Florida and New Mexico.

Min credit score: 620
No PMI
As low as zero down
Requires min $500 buyer contribution toward transaction
Bank may pay up to $4,500 in closing fees for applicants with low to moderate income (while funds last)
Two year work history required
12-month documented rent or mortgage history
Income limits apply unless property is in low or moderate income census tract
Homeownership education class required
Cannot own another home at time of purchase

Utah

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Vermont, Massachusetts, New York, Connecticut, Ohio, Oregon, Indiana, Michigan, Colorado, Oregon, Pennsylvania, Washington and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Washington and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Vermont

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Utah, Massachusetts, New York, Connecticut, Ohio, Oregon, Indiana, Michigan, Colorado, Oregon, Pennsylvania, Washington and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

Virginia

First Horizon has an Affordable Housing Mortgage which is part of a $515 million investment over the next five years in home purchase or rehab loans to help low to moderate income borrowers buy a home. Borrowers have to make less than 80% of the area median income or buy a home in a low to moderate income census tract. The program is also available in Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas.

Min credit score: 620 for primary wage earner
No PMI
As low as zero down
Minimum $500 contribution to transaction costs from buyer
30 year fixed rate mortgage
Max loan amount $250,000
Owner-occupied residences only

The Virginia Housing Development Authority has a down payment assistance program that provides grants that don’t need to be repaid (though there may be a required number of years you have to be the owner-occupier of the property). The amount of the grant is between 2-2.5% of the purchase price based on the down payment required for the eligible loan. There are income limits that vary based on which region in the state the home is located in, but in some of the more affluent areas the limits are over six figures. Go here for the complete income limit chart.

Minimum credit score:
- FHA: 620
- Fannie Mae (no mortgage insurance): 660
- Fannie Mae (reduced mortgage insurance): 640
Maximum debt-to-income ratio: 45%
All borrowers receiving the grant are eligible to apply for a Mortgage Credit Certificate that is a dollar-for-dollar credit against your federal income tax liability

Washington

Key Bank operates in fifteen states and provides a Community Mortgage program in all of them. Similar to other low down payment programs at the regional level applicants must make equal or less than 80% of the area median income unless the home is in an identified low to moderate income census tract, in which case there are no income restrictions. The program is also available in Maine, Utah, Massachusetts, New York, Connecticut, Ohio, Oregon, Indiana, Michigan, Colorado, Oregon, Pennsylvania, Vermont and Alaska.

Min credit score: 640
No PMI
As low as zero down
No minimum borrower contribution
Income and location based
Fixed interest
Non-traditional credit history accepted
Up to 4% seller contribution allowed, and can be used for closing costs or prepaid items
No minimum loan amount
Available for one to two unit owner-occupied properties including single-family, attached or detached, condos and planned unit developments
A HUD-approved homebuyer education workshop may be required

Key Bank also has a Medical Professional Loan for physicians, dentists, or veterinarians that does not require PMI and will loan up to $1.5million at either a fixed or variable interest rate.

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah and Wyoming, the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

WEST VIRGINIA

Min credit score: 600
Grant of 3% of the home’s purchase price (up to $3,600)
No payback required
May be combined with other down payment programs

WYOMING

The HomeStart down payment assistance fund by the Federal Home Loan Bank of Des Moines provides up to $5,000 for down payment and closing cost assistance. The money is provided on a first come, first serve basis until funds run out for the year. Currently $23 million is available for the HomeStart program. Homeowners are reimbursed the designated amount after the loan closes. This program is available in their 13-member district, but each institution may also have their own down payment assistance program also. As a place to start, the FHLB Des Moines has information on how it works and then find your state FHLB from the main site. Member banks are also in Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and the U.S. territories of American Samoa and Guam and the Commonwealth of the Northern Mariana Islands. (This paragraph has been updated to reflect that HomeStart is unique to FHLB-Des Moines but is available across their member institutions).

Got anymore to add to the list? Email me at [email protected] or tweet me @amydobsonRE. Also check out the national list of lenders here: 12 Low Down Payment Mortgage Options, Including Some Without Mortgage Insurance.