Save more and increase your purchasing power with our market-beating loans!

Our affordable home loans can offer you low down payments, no mortgage insurance, and flexible underwriting terms (program eligibility required). Our loans are ideal for first time home buyers, too. Learn more about the different loan programs we have available to you, including:


Conventional Loans

Conventional Loans have a fixed rate for the entire term of the loan, from 10 to 30 years. The payment remains constant and fully pays off the loan once the term has ended. This is one of the most stable products available, providing the lowest risk to the borrower, as the rate will not change over time.

Loan Characteristics:

  • Low down payments as low as 3.0% of the purchase price
  • Flexible ways to pay or finance the private mortgage insurance
  • Lower mortgage insurance premiums for high credit score borrowers
  • Seller is permitted to pay home buyer’s closing costs
  • No income limits to meet
  • May be easier to cancel mortgage insurance if you have enough equity
  • Automated underwriting makes loan review quick and easy


CRA Mortgage Loans

A CRA home loan is part of the Community Reinvestment Act (CRA) of 1977 and is designed to help low and moderate income home buyers purchase an affordable home.

Loan Characteristics:

  • Lower down payment
  • Lower or no mortgage insurance
  • Not limited to first-time home buyers
  • No income limits (relative to AMI) if you buy in a low to moderate income area
  • Seller can pay your closing costs

Eligibility:

  • You must own and occupy the home you are financing.
  • The borrower and co-borrower must complete home buyer education provided by a HUD certified housing counseling agency.
  • Your household must earn less than $86,750 a year or the property you buy must be located in a low to moderate income census tract.
  • Other eligibility requirements may apply.

Not sure which neighborhoods qualify as LMI for this loan? See our CRA Map to find out! Areas indicated by a green outline area eligible.


Equity Builder

An Equity Builder mortgage can get you into a home with as little as 1% down. Through this program, Springboard contributes 2% of the purchase price, giving you 3% equity at closing! Equity Builder is a conventional loan product.

Loan Characteristics:

  • 1% down (gift funds can by used for down payment)
  • 2% lender contribution
  • 97% loan-to-value (LTV)
  • A no mortgage insurance options is available
  • Low interest rates
  • Can be combined with down payment and closing cost assistance programs

Eligibility:

  • 700 mid-FICO score
  • Home Buyer Education
  • NOT required to be a first-time home buyer
  • Other eligibility requirements may apply


FHA

An FHA Loan is a Federal Housing Administration (FHA) mortgage insurance backed mortgage loan offering . Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.

Loan Characteristics:

  • Low down payment (just 3.5% of the purchase price)
  • No income limits
  • Not limited to first-time home buyers
  • Seller can pay your closing costs
  • Lower minimum credit score

Find out more about FHA loans from HUD.


FHA-203k

An FHA 203k Loan is like a standard FHA loan, but the program allows you to finance both the purchase of the home and any repairs to the home. This is a great home loan for buyers who want to fix up their home, such as in the case of a foreclosure or short sale.

Loan Characteristics:

  • Appraisal is based on the “after improved value” of the home
  • No income limits
  • Not limited to first-time home buyers
  • Seller can pay your closing costs
  • Lower minimum credit scores


Sapphire Loans

The Sapphire Program is designed to assist low- to moderate-income home buyers with the purchase of a home by providing down payment and/or closing cost assistance of 3% or 5% of the mortgage amount. This program is available for the purchase of an owner occupied single-family residence in California.

Loan Characteristics:

  • Assistance is a grant – no repayment required!
  • Not limited to first-time home buyers
  • Income limits up to 115% HUD AMI
  • Seller can pay your closing costs
  • Available in conjunction with 30-year fixed-rate FHA loan


USDA Guaranteed Loans

USDA Rural Development’s Single Family Housing Guaranteed Loan Program assists low to moderate income individuals in buying a home in a rural area with 100% financing opportunities. Applicants must meet income eligibility requirements and purchase a home within the eligible rural areas.

Loan Characteristics:

  • No down payment
  • No monthly mortgage insurance
  • Not limited to first-time home buyers
  • Low minimum credit score

Learn more about the USDA Rural Development Loan .


Veterans Administration (VA) Loans

As a benefit for service, U.S. Veterans can obtain the federal VA loan, a great loan product with 100% financing loan options available to eligible vets.

Loan Characteristics:

  • No down payment (100% financing)
  • Don’t need to be a first-time home buyer
  • Seller can pay your closing costs
  • Lower minimum credit scores
  • Low monthly mortgage insurance premiums

Eligibility:

Specific eligibility requirements can be found online from the U.S. Department of Veteran Affairs.