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Quick application

With Millennial Home Loans quick online loan application, determining if you qualify for a BorrowerSmart Program Loan and for how much, has never been easier.

Talk to a BorrowerSmart Program Mortgage Expert

Not ready to apply online? No problem. Answer a few questions, and a BorrowerSmart Program Home Loan Mortgage Expert will call you back.

BorrowerSmart $1,250 - $2,500 Down Payment Credit – Special Limited Time Only

With the BorrowerSmart Grant Eligible Homebuyers Can Receive a Credit Toward Their Down Payment Up To $2,500

BorrowerSmart Loan Program Guidelines

Loan Purpose

  • Purchase

Credit Profile

  • 620 minimum middle credit score for all borrowers on the loan
  • Loan Prospector findings must be “Accept”
  • Waiting period after a major negative credit event
Conventional Loan TypeBK – Chapter 7BK – Chapter 13 DischargedBK – Chapter 13 DismissalForeclosure*Short Sale, Deed-In-Lieu, Pre-Foreclosure*Modified Mortgage*
Standard4 years2 years4 years 7 years4 years2 years
With Extenuating Circumstance2 years2 years5 years3 years (requires 10% down)2 yearsNo waiting period

* If a property was included AND surrendered (i.e. property wasn’t retained and the debt wasn’t reaffirmed) in a Chapter 7 Bankruptcy, the borrower may potentially be able to defer to the Chapter 7 waiting period Vs. the Foreclosure waiting period.

Income Restrictions

  • Borrower income of 80% or less of the Area Median Income for the property location
  • If the subject property is in underserved Area Median Income requirements are waived
  • Income is based on income reported on the loan application. For example, if the borrower income includes both a base income and overtime, but doesn’t need overtime to obtain loan approval, the overtime income can be excluded from the loan application in order to meet the Area Median Income requirements of the loan program
  • Income of the household is not evaluated
  • Use the Freddie Mac Tool to determine Area Median Income and underserved areas

Loan Amount

  • Conforming loan limits

Mortgage Insurance

  • Reduced mortgage insurance pricing


  • As determined by Automated Underwriting System. Requires a Loan Prospector “Accept” findings

Property Type

  • Owner-occupied only
  • Single Family Residence
  • Fannie Mae approved condos
  • PUD’s (i.e. Townhomes)
  • Manufactured homes


  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)
  • A First-Time homebuyer class is required

Down Payment/Closing Costs – Purchase

  • Minimum 3% down payment based on the purchase price with the lender paying $1,250 or $2,500 based on 80% and 50% Area Median Income; respectively
  • Maximum seller contribution toward buyers closing costs and escrows up to 3% of the purchase price


  • Amortization period: 15 and 30-year fixed rate
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