Affordable Mortgage Program
If buying a home feels out of reach, let’s team up on an Affordable Mortgage.Our Affordable Mortgage Program (AMP) can help you buy or refinance a home by offering ways to reduce your down payment, closing costs and more. If you’re buying a house that needs work, you may be able to combine our AMP loan with the HomeFresh Second Mortgage that provides financing for property improvements.
With a Banner Bank home loan, you'll get:
How the Affordable Mortgage works:
- Borrow up to 97% of the home’s value to purchase or refinance the home.
- Borrow up to 99% of the home’s value toward its purchase with our no-payment, no-interest down-payment assistance loan (to be repaid when home is sold or refinanced).
- Seller may contribute a portion of the purchase price toward closing costs.
How the HomeFresh Second Mortgage works:
- Combine with our Affordable Mortgage home loan to obtain total financing up to 105% of the home’s value.
- Borrow up to $50,000 or 10% of the home’s value, whichever is less, for property improvements.
- Apply gifts or down-payment assistance, with some limits.
To qualify, the borrower must:
- Contribute at least $500, which may come from a gift, grant or down-payment-assistance program.
- Earn no more than 80% of the area median income, or must use the loan to buy a home within a designated low-to-moderate-income area.
- Specific requirements, including mortgage insurance, may apply.
I want to buy a home, part 1
In this blog, we share four important steps you should take before starting your home buying journey.
I want to buy a home, part 2
You're ready to buy a home, but now what? In part two of our home buying blog series, we share five tips to make your home search, selection and purchase a positive experience.
How much home can I afford?
Looking to buy a home? It's good to know what you can afford before you start shopping. Use this calculator to see how much your monthly mortgage payments will be.