Fixed-rate home mortgage
How to get a fixed-rate mortgage with no down payment
5/2/2023Down payments can be a barrier to homeownership for some people. That doesn’t have to be the case. There are mortgage programs that can help people finance their home without a burdensome down payment, such as Fidelity’s Equity Builder Home Loan.
| Here are the details: | |
|---|---|
| Maximum Loan Amount | $726,200 |
| Amortization Terms | 20 and 15 years |
| Minimum FICO score requirement |
20-year term: 720 15-year term: 700 |
| Minimum contribution of borrower’s funds | The greater of 1% of the purchase price or $1,000 |
| Reserve requirement | 2 months of principle, interest, taxes and insurance. |
| Maximum seller contribution | 3% of the purchase price |
| Maximum debt-to-income ratio | 41% |
The Equity Builder Home Loan is only available for purchases of single family dwellings and the home must be owner-occupied. Co-signers and non-owner-occupying co-borrowers are prohibited. Gift funds are acceptable with standard documentation and can be utilized to meet the reserve requirement.
To learn more about this type of loan, please contact one of our experienced loan officers today.
