A simple and straightforward loan for first-time homebuyers.
- A 30 or 20-year term with fixed interest rate. This ensures your payments will never increase over the life of the loan. It is a great option for borrowers who intend to remain in their home for over 10 years and want the certainty of a fixed payment throughout the life of the loan.
No private mortgage insurance (PMI) requirement and qualified borrowers can purchase a home with as little as 3% down. The seller may pay closing costs up to 6% of the sales price and all but 1% of the down payment may come from a gift or approved grant program. The GreatStart HomeLoan is designed to help low to moderate income borrowers purchase the home of their dreams. Certain income limits and other restrictions apply.