At Northwest, we understand that not everyone fits in the same box. 

That’s why we provide a number of special loan programs to meet the needs of certain groups.

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.
 

*By clicking this option, you agree to be redirected to a site powered by EllieMae. Applications require a unique username and password separate from your Northwest Bank login.
**For example a base loan amount of $175,000 at a Fixed Rate 30 yr term at 6.375% interest rate (rates effective 8/12/26), with an associated Annual Percentage Rate (APR) of  6.934% has a fixed monthly payment of $1,092 for the life of the loan (assumes 3.0% down and a 740 and above FICO score.  Payment does not reflect required taxes, insurance and private mortgage insurance)

*By clicking this option, you agree to be redirected to a site powered by EllieMae. Applications require a unique username and password separate from your Northwest Bank login.
**For example a base loan amount of $832,751 at a Fixed Rate 30 yr term at 6.375% interest rate (rates effective 8/12/26), with an associated Annual Percentage Rate (APR) of  6.399% has a fixed monthly payment of $5,195 for the life of the loan (assumes 0% down and a 740 and above FICO score.  Payment does not reflect required taxes and insurance)

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 $832,750
• 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