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Our Loan Programs
Residential Loans
USDA offers loans with zero down to help improve the quality of life in rural America. Income and property eligibility limits apply. USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard-pressed to find a home loan program that offers more favorable terms.
Credit Score - 620+ for all borrowers True no score w / 3 alternative credit trade lines
Income Limits - Link
Ratios - Determined by Automated Underwriting System
Loan-to-Value - 100%
Property Eligibility - Link
Lender Requirements - GUS Accept or Refer with compensating factors that are acceptable for credit waiver (per underwriter's discretion and USDA guidelines)
Home Works Community Lending is pleased to offer a new Home Repair Loan Program. Apply today by downloading the application below.
The FHA loan is the most popular government-backed home loan in the country. These low down payment loans are guaranteed by the Federal Housing Administration (FHA). FHA loans require a minimum down payment of 3.5%. Interest rates are normally lower than Conventional loan interest rates.
Credit Score - 620+ for all borrowers
Income Limits - None
Ratios - Determined by Automated Underwriting System
Loan-to-Value - 96.5%
Property Eligibility - All areas eligible
Lender Requirements - AUS Accept or Refer (dependent upon investor)
VA loans are guaranteed by the U.S Department of Veterans Affairs and are available only to active service members and veterans. VA loans can have down payments as low as 0%. This loan and the USDA loans are the only true zero down payment first mortgage loans available. Copy of DD-214 is required.
Credit Score - 620+ for all borrowers True no score w / 3 alternative credit trade lines
Income Limits - None
Ratios - Determined by Automated Underwriting System
Loan-to-Value - 100%
Property Eligibility - All areas eligible
Lender Requirements - AUS Accept or Refer VA Eligibility DD214
Conventional loans are often the best option for borrowers with strong credit who can contribute a down payment of at least 3%, or perhaps quite a bit more. Conventional mortgages often meet the down payment and income requirements set by Fannie Mae and Freddie Mac.
Credit Score - 620+ for all borrowers*
Income Limits - None
Ratios - Determined by Automated Underwriting System
Loan-to-Value - 95%
Property Eligibility - All areas eligible
Lender Requirements - AUS Accept *Based on FICO and Private Mortgage Insurance requirements
Home Possible is similar to Conventional financing but has a lower down payment requirement, lower mortgage insurance and the ability to obtain down payment assistance in the form of a second mortgage. Subject to the 80% Area Medium Income Limits for all persons on the loan. Non-traditional credit may be used to create a credit history. Homebuyer education may be required.
Credit Score - 620+ for all borrowers
Income Limits - Link
Ratios - Determined by Automated Underwriting System
Loan-to-Value - 97% or 95% Dependent upon additional program restrictions
Property Eligibility - All areas eligible
Lender Requirements - AUS Accept
Available to low and very-low-income applicants in eligible rural areas. Offers a longer-term than standard mortgages with the potential for payment assistance through the government. Income cannot exceed 80% of Area Medium Income. All household income for everyone over the age of 18 who is not a full-time student needs to be accounted for. Homebuyer education may be required.
Credit Score - 640+ for all borrowers True no score w / 3 of the Area alternative credit trade lines
Income Limits - Must be below 80% of the Area Median Income per County/State.
Ratios - Determined by Automated Underwriting System
Loan-to-Value - 100%
Property Eligibility - Link
Lender Requirements - N/A
Available to help with down payment/closing cost assistance. Follows the requirements of the first mortgage.