AFFORDABLE HOUSING PROGRAMS

Freddie Mac HomeOne®

Available for first-time homebuyers with only 3% down

 

This mortgage solution helps first-time homebuyers achieve the dream of homeownership. Plus, there are no borrower geographic or income restrictions. Homebuyer education is required for purchase transactions when all borrowers are first-time homebuyers.

 

Program Highlights

  • At least one borrower must be a first-time homebuyer

  • Requires a low-down payment of 3%

  • 30-year fixed rate

  • No geographic or income restrictions

 

Freddie Mac Home Possible®

Your dream home made possible

 

Many dream of home ownership but having a large enough down payment can often be a concern. When you partner with Third Coast Bank, you can enjoy the financing you need while keeping your expenses to a minimum. Our Freddie Mac Home Possible program is a great option for home buyers who don’t have the necessary funds for a large down payment and live below the Area Median Income.

 

Program Highlights

  • Requires only 3% down payment

  • Down payment can be a gift from a relative

  • You do not have to be a first-time homebuyer

  • Lower than typical PMI coverage required

  • Typically, income must be 80% or less of the Area Median Income (AMI)

  • Homebuyer education is required

Freddie Mac BorrowSmart® Program

Making home ownership more affordable by offering qualified borrowers assistance toward their mortgage financing costs.

 

Get $1,250 or $2,500 toward your down payment or closing costs with the Freddie Mac BorrowSmartSM Program or income-based Grants for qualifying borrowers. 

Saving for a down payment is one of the biggest obstacles today’s first-time home buyers face. The Freddie Mac BorrowSmart Program helps to decrease those costs and make homeownership more accessible.

 

Grant Program Highlights

  • $2,500 for borrower(s) whose qualifying income is less than or equal to 50% of the county area median income (AMI)1, with a Freddie Mac income-based grant.

  • $1,250 for borrower(s) whose qualifying income is greater than 50% and less than or equal to 80% of the county AMI1, with the Freddie Mac BorrowSmartSM program.

 

BorrowSmart Down Payment Program Requirements

  • Primary residence purchase only

  • BorrowSmart grant requires pre-purchase counseling with a specific provider. The income-based grant may also require pre-purchase counseling.

 

The Freddie Mac BorrowSmart Program can give you extra purchasing power in today’s busy market.

 

 

Fannie Mae HomeReady®

Enjoy the stability and peace of mind of predictable mortgage payments over the life of the loan

 

A new home is a major investment. When you partner with Third Coast Bank, you can enjoy the financing you need while keeping your expenses to a minimum. Our Fannie Mae Home Ready program makes committing to purchasing a home easier.

 

Program Highlights

  • Requires only 3% down payment

  • Down payment can be a gift from a relative

  • You do not have to be a first-time homebuyer

  • Lower than typical PMI coverage required

  • Typically, income must be 80% or less of the Area Median Income (AMI)

  • Homebuyer education is required