First-Time Home Buyer and Low Down Payment Options

Devon Bank Home Mortgage offers a variety of programs to help first-time home buyers and buyers with limited credit history or income realize their dream of homeownership. Your Devon Bank mortgage professional will help you determine which loan is best for you.

Loans may include the following features:
Low down payment options
Alternative credit histories accepted
Down payment funding in the form of gifts or grants
Non-occupying co-borrower allowed

Affordable Housing loans offer first-time home buyers, buyers with limited credit history, or buyers with lower incomes the ability to own their own homes.

Benefits

Affordable Housing loans offer home buyers the following benefits:
Low down payment
Alternate credit histories acceptable
Costs to close, including down payment, can be funded with gifts or grants

Recommended For

An Affordable Housing loan may be right for you if you:
Are a first-time home buyer
Have limited employment history
Have limited or alternative credit history
Are concerned about qualifying income or earn less than the median income
Down payment assistance programs up to $6,000 to help with closings costs.*

*Must meet Down Payment Program assistance guidelines including but not limited to:
 Earn household income at or below 80% of the HUD median income of the area in which the property is located.
 Obtain first mortgage financing through a Devon bank.
 Contribute a minimum of $1000 of your own funds toward the purchase of the home.
 Complete a homebuyer counseling program prior to closing.
We offer programs with down payments as low as 3% for qualified buyers, and we have many offerings that don’t require PMI (like piggy back loans and second mortgages).