Burke & Herbert Bank is proud to offer our Home Opportunity Mortgage program tailored specifically for first-time homebuyers with limited incomes, or buyers looking to purchase homes in specially designated areas.* 

With low down payment requirements and generous assistance with closings costs, our Home Opportunity Mortgage is designed to reduce barriers to home ownership. Don’t miss this opportunity!

A Down Payment You Can Manage

To make down payments attainable, our Home Opportunity Mortgage features an extremely low 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 taken via the Fannie Mae or Freddie Mac homebuyer education websites. This program will help ensure you are well-prepared to manage the finances associated with home ownership.

Connect with a Mortgage Loan Officer

*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 determine area median income, visit Affordable Housing Program Calculator. 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.

This is a product of the Federal Home Loan Bank of Atlanta. Household income restrictions and other requirements apply. Funds for these programs are limited and subject to availability. Please see the Federal Home Loan Bank of Atlanta’s programs for complete product requirements.

Notice: You are about to leave Burke & Herbert Bank’s website.

By accessing this link, you will enter a website not operated by the Bank. We provide links to third-party websites as a convenience to our clients, but do not control the content, products, or services offered there. This site may have different privacy, security, and accessibility standards. We encourage you to review the privacy and security policies of the site you are visiting.

If you do not wish to leave, please click “cancel.” If you’d like to continue, please click “proceed.”

Cancel Proceed
The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.