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With Millennial Home Loans quick online loan application, determining if you qualify for a Home Buyer Advantage Loan Program and for how much, has never been easier.
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Home Buyer Advantage Loan Program
Home Buyer Advantage Conventional Mortgage Loan with Low 3% Down Payment Requirements
With only a 3% down payment requirement, home buyers can purchase a house with no monthly mortgage insurance and receive closing cost help from the seller up to 6% of the purchase price. Best of all this loan program allows manual underwriting with credit scores down to 620 and potentially no maximum income guidelines when purchasing a house in a low-to-moderate income census tract.
Home Buyer Advantage Conventional Purchase Loan Program Benefits
- 3% down payment required, which can come from flexible sources including family member gifts and loans against a 401k retirement account
- No monthly mortgage insurance
- 30-year fixed rate and 10-year adjustable-rate mortgage
- Up to 6% seller paid closing cost assist allowed
- Income determined by the income listed on the loan application, not by the household income
- Available to both first-time home buyers and non-first-time home buyers
- Eligible geographic areas include all of Maryland. The majority of Pennsylvania and Virginia with certain excluded areas. Please see below
Generic Guidelines:
- Income limit waived if “Tract Income Level” is Low or Moderate
- Loan amounts up to conforming loan limits of $806,500 and in high balance areas up to $1,209,750
- Maximum debt-to-income ratio of 43%
- Less restrictive appraisal report requirements than Government Loan appraisal report
- Manual underwriting guidelines permitted
- Minimum middle credit score of 620
- 6% maximum seller closing cost assist allowed
Eligible Areas:
- Maryland – All counties are eligible
- Virginia – All Counties allowed except the following excluded counties: Alleghany, Bedford, Bedford (City), Bland, Botetourt, Bristol (City), Buchanan, Campbell, Carroll, Charlotte, Covington (City), Craig, Danville (City), Dickenson, Floyd, Franklin, Galax (City), Giles, Grayson, Halifax, Henry, Lee, Lynchburg (City), Martinsville (City), Mecklenburg, Montgomery, Norton (City), Patrick, Pittsylvania, Pulaski, Radford (City), Roanoke, Roanoke (City), Russell, Salem (City), Scott, Smyth, Tazewell, Washington, Wise, and Wythe
- Pennsylvania – All Counties allowed except the following excluded counties: Allegheny, Armstrong, Beaver, Butler, Clarion, Crawford, Erie, Fayette, Forrest, Greene, Indiana, Jefferson, Lawrence, Mercer, Venango, Warren, Washington, Westmoreland
Talk to a Home Buyer Advantage Loan Program Mortgage Expert
Not ready to apply online? No problem.
Answer a few questions, and a Home Buyer Advantage Loan Program Mortgage Expert will call you back.
