Home Opportunity Mortgage

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

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

Down Payments you can Manage

Down payments as low as 0% to qualified buyers
Minimum buyer contribution is $500- remainder may be funded by gifts or grants
Private Mortgage Insurance (PMI) may be waived or significantly reduced
Seller and lender credits may be used toward closing costs
FHLB grants may be used towards the down payment or closing costs

Designed for

Income at 80% or below the area median income

AND

Purchase or non-cash out refinance of a primary residential property

Purchase of a primary residence in a majority-minority (MM) or in a low-to-moderate income (LMI) census tract within Burke & Herbert Bank’s assessment area

Down Payments you can Manage

Down payments as low as 0% to qualified buyers
Minimum buyer contribution is $500- remainder may be funded by gifts or grants
Private Mortgage Insurance (PMI) may be waived or significantly reduced
Seller and lender credits may be used toward closing costs
FHLB grants may be used towards the down payment or closing costs

Designed for

Income at 80% or below the area median income

AND

Purchase or non-cash out refinance of a primary residential property

Purchase of a primary residence in a majority-minority (MM) or in a low-to-moderate income (LMI) census tract within Burke & Herbert Bank’s assessment area

More Information

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

*Minimum credit score of 680 and a debt-to-income ratio of 45% or less is needed to qualify for a 0% down payment. Mortgage loan rate will increase by 0.25% with use of lender credit.

Borrower must complete an approved home buyer education and financial literacy course taken via the Fannie Mae or Freddie Mac homebuyer education websites.

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 opens in a new windowFFIEC.

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.