Orion Lending is pleased to announce the launch of a Down Payment Assistance Program available through our TPO Delivery Channel.  Our mission is to increase affordable and sustainable homeownership, specifically for creditworthy, low and moderate-income individuals.

EVERYONE IN AMERICA should have access to affordable housing. We make that happen by providing credit-worthy families the financial tools to purchase a home. When we assist responsible home buyers to overcome the challenge of the minimum investment required for a mortgage, we help create healthy communities by improving the balance between home ownership and other types of housing.

FHA Loans

Forgivable DPA program. With this program, the borrower receives a 30-year term, 0% rate, no payment, second mortgage. Borrowers will need to meet the minimum FICO score of 620 and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live. The loan is forgiven as soon as the borrower makes 36 consecutive on-time payments on the FHA first mortgage. If the borrower makes more than 115%, they will be expected to repay the DPA over a 10 or 30 year term.

Repayable Second DPA program. With this program, the borrower is able to lock their first mortgage at market comparable rate. Borrowers will need to meet the minimum FICO score requirement of 640, have a debt to income ratio of 50% or less, and have a qualifying income equal or less than 115% of the median income for the county in which the borrower will live.

Conventional Loans

Orion Lending offers a down payment solution to borrowers who qualify for a 97% LTV conventional first mortgage under Fannie Mae’s HomeReady®program1 for low to moderate income borrowers, with expanded eligibility for homes in low-income communities. Borrowers who do not fit the HomeReady® criteria but may not have the resources for a larger down payment on a home purchase, may still qualify for a standard conventional 97% loan-to-value program and receive assistance from Orion Lending for the down payment and closing costs.

There are no income limits under a conventional standard 97% LTV program. Borrowers will need to meet minimum FICO score of 640 and any other guidelines for the conventional standard 97% LTV or HomeReady® programs.

* Orion Lending nor any of their products are approved by or affiliated with Fannie Mae.