Specialty Mortgages

Hometown Affordable and Hometown Neighborhood Programs

A unique loan program created to meet the needs of first time homebuyers or borrowers who meet certain income restrictions. This is our Hometown suite of products, designed specifically for the communities we serve!

Fixed-rate options available
As little as 3% required for down payment
Purchase and refinance options available
No upfront funding fee
Origination fee is waived

*If applying online, please select the Hometown loan product when prompted in your application.

Home Possible®

You now have more options than ever when it comes to finding the right loan for your home. Through a partnership with Freddie Mac, Northwest offers the Home Possible® loan program, featuring low down payment options, as low as 3%, and fixed-rate options with terms up to 30 years.

Purchase or refinance options
Low down payment options – as low as 3%
Financing up to 105%, in partnership with First Front Door program or other qualifying affordable second lien programs
No upfront funding fee
Origination fee is waived
Offers more competitive pricing with a credit-fee cap and less than standard fees
Income cannot exceed 80% of the area median income limits, based on property location
Reduced mortgage insurance premiums
Homeownership education is required for at least one qualifying borrower, if all borrowers are first-time homebuyers

Heroes Loan Program

A unique loan program created to meet the needs of heroes within our communities.

Low, fixed-rate options available
As little as 3% required for down payment
Private mortgage insurance (PMI) required with less than 10% down payment
- Can be dropped when your loan balance is 80% of the original value of your home
- No upfront mortgage insurance premium (MIP)
Purchase and refinance options available
Origination fee is waived
Heroes— active military, reservists, honorably discharged veterans and first responders

*If applying online, please select the Heroes Loan Product when prompted in your application.

Physician’s Loan Program

We want to take care of the people who help take care of us. To say thanks, we’ve created a loan program available to physicians and residents with certain medical designations.

Practicing physicians and residents with any of the following designations are eligible for this loan program: MD, DO, OD, DDS, DMD, or DPM.
Fixed-rate mortgages available
Down payment requirements as low as 0%
Private mortgage insurance (PMI) not required, regardless of down payment
Purchase and refinance options available
Loan amounts available up to $1,500,000.00 based on credit score and other qualifying information

HomeOne®

Through a partnership with Freddie Mac, Northwest offers the HomeOne® loan program, featuring low down payments on purchases and high loan-to-value refinance options.

No maximum income limits
Low down payment options – as low as 3%
Financing up to 97% loan-to-value
Purchase or no-cash out refinance options
Borrow up to $766,550
20 and 30 year, fixed rate terms available
Eligible for 1-unit primary residences
Private mortgage insurance required with less than 20% down payment. Upfront or monthly mortgage insurance options available. Monthly mortgage insurance can be dropped when your loan balance reaches 80% of the original value of your home.
Homeownership education is required for at least one qualifying borrower, if all borrowers are first-time homebuyers

HomeReady®

In partnership with Fannie Mae®, Northwest offers HomeReady®. This is an affordable, low down payment mortgage program designed for creditworthy low-income borrowers.

• Low down payment options for home purchases - as low as 3%

• High loan to value refinances - as high as 97% - with an existing Fannie Mae loan.

• Flexible sources of funding for down payment and closing costs for single unit properties – with no minimum contribution from borrower’s own funds

• Origination fee is waived and no upfront funding fee – making upfront costs lower for borrowers

• Up to 30-year, fixed rate terms – meaning consistent monthly payments

• More competitive pricing with a credit-fee cap

• Reduced mortgage insurance rates and premiums, compared to conventional mortgages

• PMI (Private Mortgage Insurance) can be canceled after borrowers’ equity reaches 20% of the home’s appraised value

• Borrower’s income cannot exceed 80% of the area median income limits, based on property’s location

• Available for first-time or repeat homebuyers

• Homeownership education is required for first-time homebuyers