Lower-income borrowers in Arizona, Nevada, New Mexico, Texas and Utah can now buy a home for just one-half percent down payment thanks to First Mortgage Corporation (FMC). The direct mortgage lender has partnered with National Homebuyers Fund (NHF) to present the FirstDown program. In addition to a low down payment, the half-percent requirement can be met with gift funds, making this the ideal loan for lower-income borrowers who struggle with saving money for a down payment or closing costs.

"First Mortgage understands the effect the economy has had upon many Americans. We are dedicated to ensuring that worthy borrowers at all credit levels continue to have access to home ownership. FirstDown is a huge step toward that goal. In fact, more than two-thirds of our loans are to underserved borrowers," said FMC President Clem Ziroli Jr.

The FirstDown loan combines a first mortgage via FMC and a 15-year, fixed-rate, low-interest second mortgage from NHF. Combined, they allow for up to 99.5% financing. FirstDown has maximum income requirements for each county. Other program requirements can be explained by an FMC loan officer. FMC is the exclusive servicer of the program.

"Because we underwrite, fund, securitize and service our loans, we don't subject borrowers to the overlays imposed by many lenders. We can say 'yes' to loans others refuse to consider," added Ziroli.

In addition to income limits, FirstDown is open only to those purchasing properties as a primary residence. There is no first-time home buyer requirement. Those who have owned homes previously may still be eligible for this program. Also, while a credit score of just 580 is required to qualify for FirstDown, those looking to buy a two-unit residence will need a credit score of 640.

About FMC:

First Mortgage Corporation (FMC) is a residential mortgage lender licensed in California by the California Department of Business Oversight. FMC is licensed in 10 states with branches throughout the West. As one of the top-three FHA lenders in California, FMC has helped nearly 100,000 families realize the dream of home ownership. FMC offers conventional, FHA, VA, CHF Access and NHF FirstDown (99.5% CLTV loans), CalHFA, CHDAP, jumbo, manufactured home, Platinum and Energy Efficient Mortgage (EEM) programs.

First Mortgage
Laurie Stevens, (909) 595-1996, ext.160