low down Payment Options

FHA Mortgage Loans

Everyone deserves a chance at homeownership, so we 're here to help you secure your dream home with a little bit more ease. Whether you're a first time homebuyer  or looking to refinance, FHA loans can provide you with an affordable and accessible path to homeownership.

Loan Benefits:
  • Low Down Payment – FHA Loans require a down payment as low as 3.5% of the purchase price.*
  • Easier Qualifications - FHA Loans have more flexible credit requirements compared to Conventional loans. This can make it easier for borrowers with limited income to qualify for a mortgage.
  • Competitive Interest Rates – FHA Loans offer competitive interest rates, ensuring that you secure a mortgage at a more affordable cost and save more money over the life of the loan.
  • Flexible Sources of Funds – FHA Loans allow borrowers to use various sources of funds for the down payment, including gifts from friends and family, grants, etc.
    *You could purchase a $1,100,000 property in Los Angeles County using FHA financing at Premier America CU with 3.5% down payment, which may come from savings or a gift from family. FHA Example: Single family home, primary residence purchase with a loan amount of $1,061,500 (3.5% down payment). 30-year fixed rate of 6.75% with an Annual Percentage Rate (APR) of 7.815%. Monthly principal & interest payment $6884.87 + Monthly FHA Mortgage Insurance Premium (MIP) of $660.24 for a combined payment of $7545.11 for 359 months. Final payment is $7543.52.  Note: Payment example does not include monthly taxes and homeowner’s insurance or any applicable HOA dues. Upfront MIP of 1.75% of the loan amount may be financed into the loan or paid cash at closing.
    Loans and terms offered are subject to borrower and property approval. Rate and APR quoted as of August 15, 2023 and are subject to change daily without notice. More terms, rates, fee options and other loan types with different down payment options are available—ask our Mortgage Loan Officers by calling 800-858-8328 or emailing the team at MortgageLoanOfficers@PremierAmerica.com. You may also visit our site at www.PremierAmerica.com/loans/mortgages. We highly encourage you to contact us to be pre-approved prior to shopping for a property. You may lock your rate once you apply and provide an executed purchase contract. *Mortgage interest and points may be deductible in the year paid—ask your tax advisor. Additional rates and point or no point options are available.

HomeReady Mortgage

Discover the affordability of homeownership with a HomeReady Mortgage.

HomeReady Mortgage helps borrowers with low to moderate income buy or refinance a home by reducing the standard down payment, potentially lower interest rates and mortgage insurance requirements.

Program Benefits:
  • Very Low Down Payment – Minimum down payment for home purchase or higher loan to value options for refinance transactions*.
  • Flexible Sources of Funds - Cash for down payment allowed from multiple sources, including gifts and grants, no minimum personal funds required.
  • Affordable & Cancellable MI – Lower cost premiums and cancellable mortgage insurance** saves you more money per month down the road.
  • Online Education Tools – Gain guidance for long-term homeownership success.

*Can be used for any fixed-rate term (10, 15, 20 or 30 year)
**Restrictions Apply

WISH Program

The Workforce Initiative Subsidy for Homeownership (WISH) program is a matching grant program for low-to moderate-income individuals or families. The program offers first time homebuyers a matching grant up to $29,172 ($4 for every $1 the homebuyer puts in) * towards the purchase of a home.

Program Eligibility:
  • Borrower must have had no ownership in principal residence during the 3-year period ending on the date of purchase of the property.
  • Borrower must occupy the property as primary residence
  • Borrower must complete an approved homeownership education course. See here
  • Must meet income eligibility guidelines.
  • Single-family detached homes, condominiums, and town homes are eligible

*WISH Grants are only available to qualified borrowers. Enrollment in the WISH program does not guarantee receipt of funds.

To learn more or see if you are eligible for any of our low down payment programs, please contact a Mortgage Loan Officer at 800-858-8328, or MortgageLoanOfficers@PremierAmerica.com.
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