Skip to Content

New Loan Programs with Down Payment Assistance

FM Lending Services recently launched new loan programs with down payment assistance, which offers eligible homebuyers more financing options that require little or no money down.

Homebuyers who qualify for the Welcome Home or BorrowSmart program may be able to purchase a home with a 97% loan-to-value (LTV) first mortgage, plus down payment assistance that may be used to cover the down payment and/or closing costs.

“As a mortgage company, we’re committed to offering new loan programs designed to serve a wider range of homebuyers,” said Tim Wilson, CEO of Prosperity Home Mortgage, parent company of FM Lending Services.  “We understand that the combination of a down payment and closing costs can be a big financial obstacle to many would-be homebuyers.  These programs are designed to help diminish or eliminate that obstacle, so our clients can focus on other matters related to buying a home, such as planning their move.”

The Welcome Home and BorrowSmart programs share similarities, but there are also some important differences.  Here are a few features of each program:

Welcome Home program features:1

  • No down payment required
  • No mortgage insurance
  • 1st mortgage up to $484,350 ($726,525 maximum loan amount is available in high balance areas. Contact your mortgage consultant for details.)
  • 2nd mortgage is an interest-only, 30 year loan at the same interest rate as the first mortgage
  • 30 year fixed rate only
  • Purchase and rate-term refinance options available


BorrowSmart program features:2

  • Eligible borrowers may receive up to $2,500 in credit towards down payment and/or closings costs
  • Conventional mortgage with less than 3% down (if credit is used toward the down payment)
  • Credit is NOT a grant or second lien but a true lender credit
  • Gifts and other down payment assistance programs may also be applied where eligible


Remember, FM Lending Services offers a wide variety of loan programs.  A low-or-no-down payment option may not be the best option for all borrowers, so be sure to contact your mortgage consultant review potential loan scenarios and financing options to determine the home loan that is right for you.


1. The Welcome Home program is not available in all areas.  Income limits apply.  Not all borrowers will qualify.  This program is only available in the following states: Alabama, Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Vermont, and Virginia.

2. Borrower(s) must meet the income eligibility requirements. Other restrictions may apply. Not all borrowers will qualify. Speak to a mortgage consultant for additional information. BorrowSmart is not available in Washington, D.C.

Share with Facebook Share with LinkedIn Share with Twitter

< Go Back
Back to top