Down Payment Assistance
A little help can go a long way.
Luminate Home Loans is here to make your dream of homeownership a reality. With our down payment assistance program, we can help anyone get into the home of their dreams. We’ll work with you to help ensure that you get the right loan for your situation and budget. If you are a first-time homebuyer and are looking to put as little as 3% down, we have an option for you!
How Down Payment Assistance Works
Our down payment assistance program allows for 0% down payment. We do this by offering borrowers a first lien FHA loan and a second mortgage to cover the 3.5% minimum contribution with low interest rates.
As little as 3% down.
You don’t need 20% down to get into a home. At Luminate Home Loans, eligible borrowers can go as low as 3%.
No income limits.
There are no household income limits under a Conventional Standard program. That means if you're a first-time homebuyer or have lower income, this won't affect your ability to get assistance.
Available in all states.
This down payment assistance program is available in all states. We truly mean we want everyone to be a homeowner!
Low credit score options.
You will need to meet minimum fico credit score of 640 and all other guidelines for the Conventional Standard or HomeReady® programs.
How to Qualify for Down Payment Assistance
There are two ways you can qualify for down payment assistance with Luminate. If you are a borrower with qualifying income that is less than or equal to 115% of your average median income, you can qualify for a deferred and forgivable second mortgage.
The second way to qualify is if you have greater than 115% of your average median income, which means you can have a non-forgivable and repayable second lien.
If you're unsure if you do qualify, all you have to do is get in touch with one of our loan officers, and someone will be happy to help!
Still unsure what options will work for you?
That’s okay—because our team is here to help guide you every step of the way. We don’t want you to feel left out in the dark, but instead to have complete clarity and transparency throughout your entire loan process.
Here at Luminate Home Loans, we truly believe in our mission and core values. We focus on people like you because we understand that character does count. We stay humble and work hard so that the lending process stays approachable and transparent every step of the way.
Your new home is waiting. Let's get you in there.
Luminate Home Loans, Inc. a wholly owned subsidiary of Luminate Bank
NOTICE TO TEXAS CONSMERS: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”