Homebuyer Options

Homebuyer Options

Low Down Payment Programs & Grants

George Mason Mortgage has many program options, contact one of our experienced mortgage professionals to see if one is the perfect match for your story.

If you want to become a homeowner, but you don’t have enough cash for a down payment, a state or local down payment assistance program1 might be able to help. Most states and many counties and cities offer grants and no-interest loans to help first-time homebuyers pay for down payments and closing costs.

Fixed Rate + Adjustable Rate Mortgages (ARMs)

  • 3% Down Payment with NO Mortgage Insurance2
  • 3.5%* Down Payment with Lower Credit Score3
  • Up to 100% Financing Available4
  • Active Duty or Veteran? 100% Financing, NO Down Payment5
  • Financing for Rural Housing

1. Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply. 2. Credit requirements, loan-to-value (LTV) maximums and other restrictions apply. Subject to underwriting guidelines and approval. Programs are subject to change and not available in all states or counties. Certain property types are ineligible. Homebuyer education may be required. Standard fees apply. 3. Monthly Mortgage Insurance Premiums (MIP) or Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county. 4. Income limits are specific to the area you are looking to purchase. Must be your primary residence. Program not available in all states. Not all applicants will qualify. 100% financing does not exclude fees, including credit, appraisal, origination, and other fees. Credit minimums, LTV maximums, financing limits and other terms and conditions apply and requirements can change at any time. 5. VA funding fee applies except as may be exempted by VA guidelines. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation and other requirements.

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