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.
 

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 $647,200

• 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