Low Down Payment Mortgage Solutions

Some people like choices, others don’t want to be overwhelmed with too many options. At Bank Five Nine, we work with you to help find the product that will best suit your personal situation. In addition to several grant programs that may be able to assist you with your lending needs, we offer FHA, WHEDA, VA, and MPFXtra 3D.

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FHA

FHA stands for Federal Housing Administration. They are a popular choice because they offer:

Reduced credit qualifying requirements
Affordable down payment and closing cost options
Competitive rates and terms
More options than a typical mortgage product

WHEDA

WHEDA is the Wisconsin Housing and Economic Development Authority. A WHEDA Advantage Program loan has some of the same features as an FHA, also making it a popular option. These offerings include:

Low down payment options and down payment assistance
Low cost, 30 year fixed interest rates
Higher income and loan limits
Competitive rates
Low closing costs

MPF Xtra 3D*

The MPF Xtra 3D provides assistance for credit worthy borrowers with a modest income. It helps minimize the hurdles of home ownership by:

Providing 3% of the loan amount as down payment assistance
Reducing your monthly mortgage payment by eliminating mortgage insurance
Reducing closing costs
Offering loan-to-value ratios up to 97%
Offering HomeReady^® purchase transactions for first-time home buyers

VA**

This program is for those who have served with the US Military and includes:

Expanded qualifying requirements
Flexible credit
No down payment options
Flexible underwriting
Competitive rates and terms

Bank Five Nine offers additional benefits to those who are approved for a VA home loan.

Bank Five Nine Veteran Benefits

For more information on any of the products we offer, or available grant programs, contact your dedicated lender,Carlos Sanchez, today.

Contact Carlos Sanchez

Mortage products are subject to change and availability. All products are subject to credit score requirements, property type, appraisal requirements, and other considerations. *Owner occupied, 1-unit, fixed rate only. Maximum $150,000 loan size. Minimum 80% loan-to-value ratio. Household income must be at or below 80% of the HUD Area Median Income (AMI) limits for household size. Certain limitations exist for use of deposit payment assistance funds. **VA loan requires a veteran (or unmarried surviving spouse of an eligible veteran) with eligible entitlement.

Do you think buying your own home is out-of-reach?

It may not be as far-fetched as you imagine. We offer mortgage products and services for those with a modest income interested in homeownership.

Are you in need of down payment and/or closing cost assistance? We may have a solution for you! Bank Five Nine offers low to no closing cost mortgages and down payment assistance programs that may be able to help!

There are many benefits to owning your own home, including the fact that you will probably pay less for a mortgage than you do in rent each month. And what makes Bank Five Nine a great place to get your mortgage from?

We underwrite most of our own home loans
We provide most of the funding; we don’t rely on third parties to fund your transaction
Bank Five Nine offers free pre-approvals and second opinions

If you think you’re ready to take the leap, or would like more information, please take a look at the resources found on this page or contact one of your dedicated lenders today.

View Mortgage Tool Kit

Benefits Of Home Ownership

While there are many benefits to home ownership, including a lower monthly payment than what you may be paying for rent, and the ability to paint, decorate and landscape the way you want, there are also many social benefits to owning a home.

Compared to children of renters, the children of home owners are:

25% more likely to graduate from high school
116% more likely to graduate from college
20% less likely to become teen mothers
And, save taxpayers an estimated $34,000 in public expenditures per household (costs of juvenile delinquency, teen pregnancy, etc…)

Compared to renters, home owners are:

28% more likely to repair or improve their homes
12% more likely to maintain a garden outside their homes
10% more likely to report they have worked to resolve local problems
15% more likely to vote
10% more likely to attend church
And, higher rates of neighborhood home ownership correspond with lower rates of violent crime

To learn more about the benefits of home ownership, or to see if you qualify, contact a dedicated lender today!

Social benefit statistics courtesy of Housing Resources, Inc.