Let Us Help You Make Home Ownership a Reality
With genuine advantages like a rock-bottom down payment requirement and generous help for closing costs, the Home Opportunity Mortgage reduces barriers to home ownership. Don’t miss this opportunity!
Home Sweet Home
Burke & Herbert Bank is pleased to offer an exciting new mortgage program specifically designed to increase home ownership opportunities for buyers in select locations.*
A Down Payment You Can Manage
To make down payments attainable, our Home Opportunity Mortgage features a rock-bottom down payment contribution for buyers.
- 3% minimum down payment
- Buyer’s minimum contribution is 1%; remainder may be funded by gifts or grants
Monthly Payments That Are Affordable
Private Mortgage Insurance (PMI) is waived or significantly reduced on all Home Opportunity Mortgages, reducing your monthly mortgage costs.
- Private Mortgage Insurance (PMI) is waived for loans with a down payment greater than 10%.
- PMI is significantly reduced for loans with a down payment between 3% – 10%.
Credit Requirements To Help You Qualify
You don’t need a flawless credit history to get a Home Opportunity Mortgage.
- You can be approved with a credit score 620 or higher depending on underwriting factors.
Closing Cost Assistance
Not having enough cash to cover mortgage closing costs does not have to be a barrier either. Assistance is available.
- 1% lender credit available to help cover closing costs**
- Seller credits permitted to help cover closing costs
Home Opportunity Mortgage borrowers must complete an approved home buyer education and financial literacy course specified by the Federal Home Loan Bank of Atlanta. This program will help ensure you are well-prepared to manage the finances associated with home ownership.
As your neighborhood bank, we are 100% locally-based, easy to reach and ready to help you every step of the way to home ownership. To learn more, call us at 703-684-1655 or have a Mortgage Loan Officer contact you.
*The Home Opportunity Mortgage is available for the purchase or non-cash out refinance of residential property located in Low to Moderate Income (LMI) Census Tracts and/or Majority/Minority (MM) areas within Burke & Herbert Bank’s FDIC Assessment Area. To locate LMI/MM census tracts, visit FFIEC.
**Mortgage loan rate will increase by 0.25% with use of lender credit.
This is not a commitment to lend. Products offered, rates, and terms are subject to change without notice. All loans are subject to underwriting approval. Program funds are limited.