Step Up to the Plate of Homeownership.Â
If you’ve been dreaming of buying a home but feel like high down payments and strict credit rules are standing in your way, the HomeRunâ„¢ Mortgage might be the solution you’ve been waiting for.Â
This innovative loan program is designed to break down traditional barriers to homeownership, especially for those in underserved or moderate-income communities.Â
The HomeRunâ„¢ mortgage is a low-down payment loan program offering:Â
- Affordable monthly paymentsÂ
- Flexible credit requirementsÂ
- No private mortgage insurance (PMI)Â
How Does It Work?Â
This program is part of a broader mission to invest in communities by expanding access to homeownership. The HomeRunâ„¢ mortgage helps families build wealth through real estate sooner by eliminating two major hurdles: big down payments and PMI.Â
Loan LimitsÂ
- Up to $806,500
Down PaymentsÂ
- As little as 3% down on single-family homes and condosÂ
- Even lower personal contribution allowed—just 1% from the buyer, with the rest allowed from gifts or down payment assistance (subject to guidelines)Â
No PMIÂ
Buy with less than 20% down and skip PMI, saving you hundreds each month.Â
Fixed Interest RatesÂ
Enjoy the peace of mind that comes with stable, competitive rates.Â
Eligible Property TypesÂ
- Single-family homesÂ
- Condominiums (up to max loan limits)Â
Credit ScoresÂ
HomeRunâ„¢ takes a holistic approach. Your complete financial story matters; on-time rent payments, employment history, and other strong indicators can help offset a lower credit score.Â
Debt-to-Income Ratio (DTI)Â
- Allows DTI up to 43%Â
- Example: If you earn $3,000/month, you could qualify with up to $1,290/month in total debt obligations.Â
Income LimitsÂ
Available to borrowers earning no more than 20% above the median income for the area.Â
HomeRun with SPCP (Special Purpose Credit Program):Â
- For properties in majority Black and/or Hispanic communitiesÂ
- Income must be under 120% of area median income, orÂ
- If the area is designated as Low-to-Moderate Income, income restrictions may not apply at allÂ
Is a HomeRunâ„¢ Mortgage Right for You?Â
If you’re a first-time buyer, don’t have 20% down, or are looking for a no-PMI, affordable loan in a qualifying area, this could be a home run for your goals.Â
It’s especially valuable for buyers who:Â
- Are priced out by traditional loan programsÂ
- Need help with down payment fundsÂ
- Want to buy in their community but face lending barriersÂ
Ready to Learn More?Â
The HomeRunâ„¢ mortgage is available in select areas and has unique eligibility guidelines. If you think this could be the right fit or are just curious about your qualifications, connect with a Southern Trust Mortgage Loan Officer today.Â
We’ll explain the numbers, check your region, and help you make the smartest decision regarding your homeownership journey.Â
Your homeownership journey starts here.Â
