First Time Home Buyer & Low Down Payment Options
At Devon Bank, we offer a variety of programs to help first-time home buyers and buyers with limited credit history or income realize their dream of homeownership. A Loan Officer 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.
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
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 closing 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 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.
*Please do not send confidential information via e-mail