If you’re ready to take a big step and buy a home, but haven’t saved enough for the traditional 20% down payment, there are mortgage options that may be right for you. First Mid offers several mortgage financing products that could get you into a home with less of a down payment.
To see if you qualify for any of these programs or loans, connect with a mortgage lender near you.
Downpayment Plus®
- Forgivable or repayable grant program to assist with down payment and closing costs for households with qualifying income levels.
- Assistance is offered through this federally funded program each year while funds are available.
- Additional information about the Downpayment Plus program can be found online at Downpayment Plus Programs | FHLBank Chicago (fhlbc.com).
IHDA (Illinois Housing Development Authority)
- Provides financial assistance to low- and moderate-income homebuyers and homeowners.
- Offers resources to developers who build or preserve affordable and mixed-income rental housing.
- Provides oversight for hundreds of affordable rental communities across the state.
- For program details, please visit www.ihda.org.
WHEDA (Wisconsin Housing & Economic Development Authority)
- Works to improve access to affordable housing options and expand economic prosperity for residents in Wisconsin.
- WHEDA loans are often a great choice for first-time homebuyers in Wisconsin, veterans, or others who may not qualify for a conventional loan.
- To learn more about WHEDA, information can be found at www.wheda.com.
VLIP (Very Low Income Purchase) Program
- Downpayment credit for low-income borrowers.
- Funds can be used in several ways, including down payment, closing costs, and escrow and mortgage insurance premiums.
- Please visit www.myhome.freddiemac.com/buying for additional details.
Freddie Mac and Fannie Mae
- Several low downpayment options available, including products such as Home Possible and HomeOne.
- For additional information, visit Mortgage Financing and Reliable Housing Information | Fannie Mae and Buying a home (freddiemac.com), or contact a Mortgage Planner to discuss your options.
Rural Development
- Helps low-to-moderate-income homebuyers purchase a home.
- Allows borrowers to finance up to 100 percent of the home’s value.
- Property must be located in eligible rural areas.
FHA (Federal Housing Administration) Loans
- A low downpayment mortgage loan option provided by FHA-approved Lenders, such as First Mid.
- More flexible credit qualifications than conventional mortgage loans.
- Can be a great option for first-time homebuyers and those rebuilding their credit.
VA (Department of Veterans Affairs) Loans
- A mortgage loan option available to Veterans, servicemembers, and their surviving spouses.
- VA loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders, such as First Mid.
- No downpayment requirements, competitive interest rates, limited closing costs, and flexibility.
With extensive knowledge and a personalized approach, our team of experienced lenders are equipped to guide you through the process of finding the best loan options available. They will work closely with you to ensure you make informed decisions that align with your financial goals. If you do not qualify for any of these products, ask us about conventional loans with private mortgage insurance. Contact us today and take the first step toward securing your dream home.
*Downpayment Plus® is a program from the Federal Home Loan Bank of Chicago. Restrictions apply. Visit the Federal Home Loan Bank of Chicago’s website for complete requirements. Downpayment Plus® is a registered trademark of the Federal Home Loan Bank of Chicago.
