Want to buy a home with no money down, but worried about the cost of Private Mortgage Insurance (PMI)? The HomeFlex plan is the solution you’re looking for. Often referred to as an 80/20 loan, HomeFlex uses a first mortgage for 80% of the home price, plus a home equity loan to cover the remaining 20%. That means you don’t have to pay PMI, which is usually required on loans for more than 80% of the home’s value.
If you need a loan for more than the conforming loan limit, the HomeFlex plan gives you an alternative to jumbo loans, which usually have higher interest rates. By keeping your first mortgage within the conforming limit and using home equity financing to make up the difference, you can borrow a jumbo amount without paying jumbo rates.
With only one application process and one closing, taking advantage of HomeFlex is quick and convenient.
Have you been putting off homeownership because you haven’t saved enough for a down payment and closing costs? Thanks to the HomeStrength plan, you can stop saving and start shopping today.
The program provides a second loan for up to 4% of the property value, which you can use for the down payment and closing costs.* All you need to contribute is $500 — your financing covers the rest. And the best part? The second loan requires no monthly payments and is completely forgiven after 10 years of on-time mortgage payments.
The Pathways program can help you buy a home even if you’re short on cash. You can put down as little as $500, with the rest of the 3% down payment coming from gifts, grants, or secondary financing.**
The program also features:
- Flexible approval requirements for people with less-than-perfect credit
- No private mortgage insurance (PMI) payments
- Expanded qualifying ratios for people with low-to-moderate incomes
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Do you have strong credit, but not much savings? Have you put off buying a home because of the cash required for the down payment and closing costs? With the Borrower’s Advantage loan, you can finance the entire purchase price of a home, plus some or all of your closing costs, up to a maximum loan-to-value ration (LTV) of 103%.
With the savings obstacle out of the way, you don’t have to wait to enjoy the benefits of homeownership.
FHA mortgages, which are insured by the Federal Housing Administration, make homeownership possible for people who might not qualify for conventional mortgage programs. They offer:
- Low down payment and closing costs, with the option to use gift money for 100% of the down payment
- Flexible approval requirements for people who have less-than-perfect credit or lack a traditional credit history
- Expanded qualifying ratios for people with low-to-moderate incomes
| Loan Program | How It Works | Why Consider It |
|---|---|---|
| Flex | Often referred to as an 80/20 loan, this program lets you use a home equity loan instead of a cash down payment to supplement your first mortgage. |
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| Home Saver | Provides cash to use for your down payment and closing costs, in the form of a forgivable second mortgage for up to 4% of the loan amount.* |
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| Pathways | Fixed-rate program with a 3% down payment, only $500 of which must come from your own funds.** Does not require private mortgage insurance (PMI), unlike most loans with low down payments. |
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| Advantage | Requires no down payment, and lets you roll closing costs into your mortgage for a total loan amount of up to 103% of the home’s value. |
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| FHA mortgage | Requires only 3% for down payment and closing costs, which may come from gifts, grants, or unsecured loans. |
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