Buyers Choice & Home Select
Up to 101.1% LTV — enough assistance to cover your full down payment and some closing costs.
"I can afford the monthly payment. I just don't have enough cash for the down payment."
If that sounds familiar, you're not alone. For many home buyers, saving enough for a down payment is the biggest obstacle to purchasing a home. Buyers Choice and Home Select are designed to help FHA borrowers overcome that hurdle with down payment and closing cost assistance, making homeownership more attainable.
Highlights
Buyers Choice & Home Select features
Header You may be a great fit if you...
- Are purchasing a primary residence
- Qualify for an FHA Loan
- Can afford the monthly payment, but need help with upfront costs
- Have a minimum credit score of 600 (Home Select)
- Can’t qualify for a 0% down loan (like VA or USDA)
Buyers Choice vs Home Select
Home Select
- 10 year repayable for 100% or 101.5% financing (3.5% repayable or 5% repayable)
- 3-year forgivable loan combined with an FHA loan for 100% financing (FHA 96.5% LTV first loan + 3.5% second)
Buyers Choice
- 3-year and 5-year forgivable option for up to 3.5% of the loan amount
- Repayable second loan 10 year for 3.5% or 5% of the loan amount
Frequently Asked Questions
We’re here to help! Find answers to your everyday banking questions.
Depending on the program, eligible borrowers may qualify for assistance equal to 3.5% or 5% of the loan amount, subject to program guidelines.
Yes. Depending on the program, assistance may be used toward your down payment and eligible closing costs.
Not always. Depending on the program, assistance may be provided as a forgivable second loan or a 10-year repayable second mortgage. Your loan officer will explain the option that applies to your loan.
Home Select requires a minimum 600 FICO® Score. Additional credit and underwriting requirements apply.
Yes. Buyers Choice and Home Select are specifically designed to be paired with eligible FHA purchase loans.