young family looking at buying a first home

Buyer's Advantage Loan

Helping You Achieve Homeownership

Our Buyer’s Advantage program makes it easier to get in the home of your dreams.

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Buyer's Advantage

Being a homeowner allows you to build equity and gives you control over rising housing expenses. Our Buyer's Advantage product is designed to make homeownership more accessible to qualified low-to-moderate income borrowers.1

A few highlights of the Buyer's Advantage program are:
  • Up to 100% financing available2
  • No mortgage insurance required
  • 640 minimum qualifying credit score
  • Great for first-time homebuyers2
Contact one of our mortgage lenders to determine if a Buyer’s Advantage mortgage can get you into the home of your dreams.
Have Questions About Home Loans?

Have Questions About Home Loans?

View All FAQs

The home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on some basic information such as: your income, debts, assets, credit history, current employment situation, and any other obligations you may owe. Another factor that will impact the amount of home you can afford is how much cash is required for down payment and closing costs.

Try our “How Much Home Can I Afford?” calculator to get an estimate and see how much you can potentially afford.

Establish your budget and determine how much you can afford to spend on your new home by getting pre-approved. Taking this action before shopping ensure that you are shopping for a home with a list price that you are comfortable with when it is time to make an offer.

First-time home buyer programs are for individuals who meet certain income requirements, who are financing property in certain census tracts, or who meet other special requirements. We participate in special loan programs throughout the state and USDA Rural Housing Loans. Benefits include:

  • Lower down payments than most other financing options so you will not need as much cash to buy a home.
  • Competitive interest rates.
  • Reduced closing costs and mortgage loan fees.

Other restrictions may apply. 

Generally, you must complete a full mortgage application in order to lock a rate. You can work with your loan originator to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.

Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:

  • Lender fees. Fees can include origination and points.
  • Third-party fees. These fees vary by state and the attorney you select to close your loan. They can include attorney’s fees for closing, title exam, credit report, appraisal, title insurance and recording.
  • Prepaid items. These are items collected at the time of closing but are not really considered costs including interim interest, taxes, and hazard insurance.

You will be provided with an estimate of your closing costs soon after your application has been received. These estimates could change if you change the product type or loan amount.

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Buyer's Advantage Program Qualifiers

In order to be eligible for the Buyer's Advantage Portfolio Loan Program with no income restrictions, one of the below qualifying statements must be true using Census Demographic Data from the website:
  • The Property is located in a Low or Moderate (not Middle or Upper) Income Level Tract
  • The Property is located in a Tract with a minority percentage greater than 50.00%
If the Property is not located in a Low or Moderate Income Tract or a Tract with a minority percentage greater than 50.00%, applicant income must be 80% or less of the Estimated MSA Median Family Income Level.
First-Time Buyer Resources

First-Time Buyer Resources

  • Resources for first-time homebuyers
  • Tips for improving your credit score
  • Get information on pre-qualifying
  • Learn about the loan process
  • Find a checklist of information you'll need to gather
  • Learn about Down Payment Assistance programs
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Learn What You Can Afford

Try Our Mortgage Calculator

  1. Property must be applicant’s primary residence. If Property is not located in a Low or Moderate Income Tract or a Tract that is greater than 50.00% minority, applicant income must be 80% or less of the Estimated MSA Median Family Income Level.
  2. The Buyer's Advantage mortgage provides up to 100% financing based on the lesser of the purchase price or a bank-accepted appraisal; speak to your loan officer for qualification details.
  3. Borrower must complete homebuyer education course prior to closing.

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