First-Time Home Buyer and Low Down Payment Options

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.