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Homeownership is a dream for nearly everyone … and BankSouth Mortgage has a program that may be able to turn it into reality for you. Our No Down Payment Home Loan provides 100% financing. In other words, there is no cash needed for a down payment. No, it’s not too good to be true! Don’t miss this opportunity!

Program Details

  • Minimum credit score is 620.
  • Income limit is 160% of the median income in your state or area.
  • You DO NOT have to be a first-time buyer!
  • Program is good for single-family homes, duplexes, and some condos.
  • Program includes 2 loans:
    • 1st mortgage is an FHA loan, equal to 96.5% if the lesser of the sales price or appraised value
    • 2nd mortgage is a 10 year loan equal to 3.5% of the lesser of the sales price or appraised value
  • At least one person on the loan must live in the home as their primary residence.
  • You can have a cosigner that doesn't live in the house.
  • One person on the loan must take a Homebuyer Education class. This is usually done online.
Subject to credit and property approval.
*Equal Housing Lender BankSouth Mortgage Company LLC. NMLS #690971 is not a bank or other depository institution and is not FDIC-insured. BankSouth Mortgage Company, LLC is a wholly-owned subsidiary of BankSouth NMLS #688851, a federal savings bank and Member FDIC. This is an advertisement.

Contact

Contact us today. We will help answer your questions and get started making your dream of home ownership a reality!


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