Home Purchase Mortgage Calculators
Mortgage Program Calculators
We provide a summary of low / no down payment mortgage programs on FREEandCLEAR and also provide a comparison table so you can compare these programs and find the one that is right for you. Additionally, we offer advice on How to Get a Mortgage with Bad Credit and How to Improve Your Credit Score Before You Apply for a Mortgage. Reviewing these resources will help you understand your options and make more informed decisions when you get a mortgage. Based on the information you provided you have three main options for getting a mortgage:
1) FHA Mortgage plus a Community Second Loan or Grant. The FHA mortgage program enables borrowers with credit scores as low as 580 to get a mortgage. The program requires a down payment of 3.5% of the property purchase price but eligible borrowers can get a community second loan or down payment assistance grant to pay for all or part of the down payment. The FHA mortgage program is offered through participating lenders and you can review lenders in your area by clicking INTEREST RATES. Community second loans and down payment assistance grants are offered through local housing agencies. These housing agencies are also familiar with the FHA mortgage program and can help you find lenders that offer the program. You can find housing agencies in your area by clicking HUD Resources and selecting your state
2) NACA Mortgage Program. NACA is a non-for-profit organization that offers mortgage programs designed to make home ownership more attainable. The NACA Mortgage Program enables borrowers to purchase a home with no down payment and no closing costs. The program uses a character-based borrower credit evaluation instead of requiring a minimum credit score. You can contact NACA by visiting the NACA web site
3) Wait Until Your Credit Score Improves. If you can improve your credit score by 20 - 60 points you may be eligible for additional low or no down payment mortgage programs such as the Fannie Mae HomeReady Mortgage Program (~620 credit score), Freddie Mac Home Possible Program (~660 credit score) and Bank of America Affordable Loan Solution Program (~660 credit score) We review all of these programs on FREEandCLEAR. Having more mortgage options may enable you to find a better mortgage.
Reviewing the materials and contacting the organizations we outline above will take some extra effort on your part but will help you understand your mortgage options and put you in a position to buy a home when the time is right