Low Down Payment Loans
You’re in the market for a new home. You have the monthly income you need to make mortgage payments, but you aren’t sure you can afford a large down payment. Luckily, Town and Country Bank and Peoples Prosperity Bank support programs that offer specialty home loans for borrowers like you.
We are proud to offer a wide variety of low down payment home mortgage options for our customers. These programs offer more flexibility and favorable terms than conventional mortgages. Our friendly mortgage team will work to find the best mortgage fit for your needs. Here’s an overview of the low down payment and no down payment mortgage options available through Town and Country Bank and Peoples Prosperity Bank.
Home Buyer Access Program
The Home Buyer Access Program provides access to up to 100% home purchase financing for highly-qualified home buyers. The program is available on either a 15-year fixed rate option or a 7-year adjustable rate mortgage product, which the principal and interest payment is fixed for the first seven years. The borrower must contribute a minimum of 1% of the purchase price toward closing and prepaid costs.
Town and Country Bank and Peoples Prosperity Bank are proud to be your FHA mortgage lenders. Federal Housing Authority (FHA) Loans are low down payment products guaranteed by the US Government. These products offer flexibility for the buyer and feature down payment options as low as 3.5% of the loan. The total down payment can come in the form of a gift from an outside party, such as a family member. Also unique is that the home seller can contribute up to 6% of the sales price to help the buyer with closing costs. Non-occupant co-signers are allowed.
This program is designed with affordability in mind to benefit credit-worthy low to moderate income borrowers. As your HomeReady mortgage lender, we offer down payment options as low as 3% of the loan, flexible underwriting requirements and expanded eligibility for financing homes in low income communities.
Assist Bond Program
Applicants in this program may receive a first mortgage loan and down payment assistance as a percentage of the full amount of the mortgage. The program offers down payment and closing cost assistance in the form of a grant.
Illinois Housing Development Authority Program
Town and Country Bank and Peoples Prosperity Bank are your local Illinois Housing Development Authority (IHDA) lenders. The IHDA loan program is a 30-year fixed rate mortgage with a variety of options to choose from.
Loans for Veterans
With relaxed credit standards and low down payment options, the Veteran Affairs (VA) loan is geared specifically to help our valued veterans, military personnel and their surviving spouses obtain a mortgage and own a home. As your VA home loan lender, we offer no down payment financing for the purchase of primary residences, no monthly mortgage insurance payments and no prepayment penalty. Also a benefit: The home seller can contribute 4% of the sales price to help the buyer with closing costs.
Loans for Rural Properties
The USDA Rural Development Loan requires no down payment for the purchase of a home in a designated small town or rural area. Buyers’ income cannot exceed 115% of the median income for the purchase area. Another benefit: The home seller can contribute up to 6% of the sales price to help the buyer with closing costs. This option is geographically restricted to designated rural areas as defined by the USDA Rural Development. As your local USDA mortgage lender, our team can help you determine the eligibility of your dream home.
Why Choose Town and Country Bank Mortgage Services?
Town and Country Banc Mortgage Services, a division of Town and Country Bank and Peoples Prosperity Bank, is consistently rated among the top housing lenders in our market. That makes us the best bank for home mortgage loans with no down payment. We close most home purchase mortgages in 30 days or less. Locally owned and operated, we treat our clients like family and are able to originate loans in all states except California, Texas, New York, and Connecticut. Request a consultation with one of our mortgage lenders or apply online today (include hyperlink).
Let Us Serve You
Town and Country Bank and Peoples Prosperity Bank serve and empower local communities in Central Illinois and Metro East, one person at a time. Our friendly and attentive staff welcomes you to any of our branch locations in Springfield, Buffalo, Jacksonville, Lincoln, Decatur, Mt. Zion, Edwardsville, Fairview Heights, and Quincy, and our loan production office in Bloomington.