Affordability Products
Low-Income Mortgage Loans
Your Pathway to Affordable Home Ownership
At Focus Mortgage Solutions, we understand that homeownership is a key part of the American dream. We are committed to making that dream accessible to everyone, especially those with limited financial resources.
That’s why we offer a range of low-income mortgage loans designed to meet the unique needs of borrowers with lower incomes. Our tailored loan programs provide flexible financing options to help you achieve your goal of owning a home. Whether you’re a first-time buyer or looking to purchase again, our solutions are crafted to fit your financial situation and support you every step of the way.
Explore Our Affordability Products
We offer several low-income mortgage loans to suit your financial situation. Here are some popular options:
HomeReady Mortgage
The HomeReady Mortgage program supports creditworthy, low-income borrowers. It’s designed for first-time buyers or those purchasing again. This loan provides a low down payment and flexible financing options. Additionally, we offer a $2,500 credit to help with down payment and closing costs for very low-income borrowers.
- Low Down Payment: With just a small down payment required, you can take a significant step toward owning your dream home.
- $2,500 Credit: A new benefit for very low-income borrowers to help overcome down payment and closing cost barriers.
- Ideal for Low-Income Borrowers: Specially tailored to assist those who may have faced challenges in securing traditional financing.
Home Possible
Home Possible® provides a 3% down payment option, making it easier for low- to very low-income borrowers to buy a home. This program also allows additional financed properties. You can use various down payment sources, including family assistance and employer programs. Plus, with 20% equity, you can cancel mortgage insurance, potentially lowering your monthly payments.
- Flexible Down Payment Sources: Family, employer-assistance programs, secondary financing, and sweat equity are all acceptable.
- Additional Financed Properties: Borrowers can have more than one financed property.
- Non-Occupant Co-Borrowers: Enhance your borrowing potential by including co-borrowers who don’t live in the property.
- Mortgage Insurance Cancellation: Reduce monthly payments once you reach 20% equity.
HomeOne
Freddie Mac HomeOne Mortgage offers a 3% down payment solution without geographic or income restrictions. It’s ideal for first-time homebuyers. This conventional mortgage simplifies the path to homeownership and is a strong option among our low-income mortgage loans.
- 3% Down Payment: Access homeownership without income or geographic restrictions.
- First-Time Homebuyers Focus: Perfect for those looking to buy their first home with ease and flexibility.
HomeReady First
With the Home Ready First Mortgage, eligible borrowers get a $5,000 grant, up to $500 toward a one-year home warranty, and $500 toward appraisal costs. This support significantly eases the financial burden of buying a home.
- $5,000 Grant: A substantial benefit to help with initial costs.
- Home Warranty Contribution: Up to $500 toward a 1-year home warranty, if applicable.
- Appraisal Cost Assistance: $500 toward appraisal costs.
- Eligible Census Tracts: Borrowers must have their current primary residence located in eligible areas.
Home Possible Expanded
The expanded Home Possible program continues to offer a 3% down payment with additional options to support responsible homeownership.
- Flexible Co-Borrower Options: Include non-occupant co-borrowers for more borrowing power.
- Additional Properties: Opportunity to have another financed property.
- Competitive Pricing: Enjoy the benefits of conventional mortgage pricing with added flexibility.
Why Choose Focus Mortgage Solutions?
Choosing Focus Mortgage Solutions means getting a dedicated partner for your homeownership journey. Our low-income mortgage loans are designed to support borrowers with limited financial resources. We offer flexible options and a streamlined process to make buying a home easier. Let us help you navigate your path to homeownership with confidence.