Affordable mortgages with low down-payments
We’re making the dream of home ownership come true with a variety of affordable mortgage programs for – but not limited to – first time homebuyers.
Explore our mortgage programs and then get started with a rate quote, request financing or speak with one of our Mortgage Consultants who can help you find a mortgage that fits your needs.
Our affordable and regional mortgage products
HSBC CommunityWorks
HSBC’s CommunityWorks[@communityworks] offers an affordable, low down-payment mortgage option designed for, but not limited to, first-time homebuyers. This program may be combined with eligible grants to help pay for costs associated with obtaining a mortgage.
- Up to $5,000 in closing cost assistance
- Private Mortgage Insurance (PMI) is not required
- Financing for a purchase of an owner-occupied property may be eligible for an HSBC CommunityWorks Opening Doors[@opening-doors] home loan grant
- Must have at least a 620 credit score[@minimum-credit-scores]
The HSBC CommunityWorks program may require completing a course through an eligible home buyer counseling organization by at least one borrower. Home buyer education courses are available in person and online, covering the home buying process and the responsibilities of owning a home.
HomeReady
HSBC’s HomeReady®[@homereadyhomepossible] mortgage offers an affordable low down-payment option. HomeReady® requires minimal out of pocket funds, and considers income from a non-occupant co-borrower or a renter for qualification.
- As low as 3% down payment requirement[@3percentdownpayment]
- Flexibility for non-occupant co-borrowers
- Loans for 1-4 unit family dwellings, condominiums, planned unit developments (PUDs) and cooperatives
- Limited cash-out refinancing[@refinancingcashout]
HomeReady® requires completion of home buyer education course by at least one borrower.
HSBC Down Payment Assistance Program
Introducing, the HSBC CommunityWorks Opening Doors[@opening-doors] home loan grant for additional down payment assistance - designed to be used with our HSBC CommunityWorks mortgage.
HSBC CommunityWorks Opening Doors home loan grant
Designed to be used with our HSBC CommunityWorks mortgage, an HSBC CommunityWorks Opening Doors home loan grant could give you $25,000 in down payment assistance.
- No need to pay back grant funds
- There will not be a lien for the grant recorded at closing
- May be able to be combined with other down payment assistance programs or grants
- Full grant must be used for down payment, and cash back at closing is not permitted
Our Homebuyer Dream Programs
HSBC is partnering with the Federal Home Loan Bank of New York to offer down payment and closing cost assistance. Our Homebuyer Dream and Homebuyer Dream Plus Programs[@homebuyerdream] help first-time homebuyers become home owners.
HSBC Homebuyer Dream Program®[@homebuyerdream]
For first-time homebuyers within continental U.S., with the exception of Alaska and West Virginia.
- Up to a $19,500 grant towards down-payment and closing costs, plus an additional $500 grant towards homeownership counseling
- First-time homebuyers[@ftb-defined-under-hud] purchasing a home whose household total income is at or below the 80% Area Median Income (AMI) adjusted for household size
- Home ownership counseling completion by at least one homebuyer
- Homebuyer must agree to own and reside in the property for up to 5 years or repay a prorated portion of the grant back to the Federal Home Loan Bank of New York
- A minimum $1,000 toward the purchase of the new home is required from the homebuyer
Available on a first come first served basis, based on the Federal Home Loan Bank’s application date timelines and funding availability.
Homebuyer Dream Program Plus®
For first-time homebuyers in New York and New Jersey.
- Up to a $19,500 grant towards down-payment and closing costs, plus an additional $500 grant towards homeownership counseling
- For first-time homebuyers[@homebuyerdream] purchasing a home whose household total income is above 80% Area Median Income (AMI) adjusted for household size but not to exceed 120% AMI
- For this specific grant there is not a repayment requirement for length of time occupied or owned
- Home ownership counseling completion by at least one homebuyer
- A minimum $1,000 toward the purchase of the new home is required from the homebuyer
Available on a first come first served basis, based on the Federal Home Loan Bank’s application date timelines and funding availability.
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