State Housing Finance Agency Loan
A first mortgage from a state housing finance agency — Maryland, DC, or Virginia here — usually bundled with down payment help. These are the loans behind many of the assistance programs on HomeBase.
- Down payment
- Often low or no down payment, and frequently paired with down payment assistance.
- Credit context
- Credit minimums are set by each state agency and its lenders, commonly around 640. Terms are usually fixed-rate.
- Income rules
- Income and purchase-price limits apply and vary by state, county, and household size. Usually first-time buyers, with exceptions in targeted areas.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
- First-time buyers who want a clearer path
- Buyers who are current after a setback
These are situations worth exploring, not a qualification decision.
What could rule it out
HomeBase does not yet have enough structured issuing-body rules to screen this loan reliably. Confirm credit, income, occupancy, property, and borrower requirements with the lender.