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Quick application
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.
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.
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, Pennsylvania, and Virginia
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
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.
