underserved in the mortgage market and/or have less than perfect credit
yes (not only first-time home buyers)
Freddie Mac McLean, VA
Available in most parts of the U.S.
None for the majority of the low down payment products
N/A www.freddie mac. com/ home ownership
Purchases home loans from its lending partners, enabling them to offer other home loans
Offers a variety of products for those who have been underserved in the mortgage market and/or have less than perfect credit
yes (not only first-time home buyers)
The Nehemiah Program Sacramento, CA
Available in most parts of the U.S.
None, but borrower must purchase a Nehemiah participating home, occupy the home, and use an eligible loan program
877-634-3642 www.getdown payment. com
Administers gift funds to buyers purchasing a Nehemiah participating home
Gives down payment and/or closing costs gifts that are 1% — 6% of final contract sales price or a flat gift no greater than 6%
yes (not only first-time home buyers)
NeighborWorks Washington, DC
Available in 48 states in the U.S.
Income limits vary according to market
N/A www.nw.org/ network/home. asp
Administers funds for community building and to help low- and moderate-income families become homeowners
Gifts vary with each program. The program offers “full-cycle lending” home education before buying the home, as well as education on maintaining the home to prevent defaulting.
yes (not only first-time home buyers)
Countrywide Financial Nationwide branch locations
Branches in most parts of the U.S.
Criteria varies according to credit score, rental history, and income
800-556-9568 http://my.country wide. com
Mortgage lending institution
Low and no down payment loans including the 80/20 program that gives two mortgages to cover 100% of the cost of home (under $500,000)
yes (not only first-time home buyers)
Wells Fargo Home Mortgage Nationwide branch locations
Branches in most parts of the U.S.
Criteria varies according to credit score, rental history, and income
877-937-9357 www.wellsfargo. com/ mortgage/
Mortgage lending institution
Low and no down payment loans including the No Money Down Plus program, ideal for home buyers who have excellent credit, but little savings