• Gift Fund Programs
• Rural Housing Program
• Agency Affordable Products

Gift Fund Programs

SunTrust has partnered with numerous non-profit housing agencies in many of our markets that provide gift funds to first-time homebuyers who meet their eligibility guidelines.

• Lowers the total cash required from the homebuyer's own funds for the purchase of their new home.
• Programs provide gift funds for downpayment and closing costs assistance.

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Rural Housing Program

This innovative loan program provides 100% financing for eligible homebuyers in rural-designated areas. This is a fixed rate, no down payment mortgage designed strictly for purchases of a home. Borrowers can earn no more than 115% of the HUD median income for their area, adjusted by family size.

• No downpayment required.
• Seller may pay up to 6% of the homebuyer's closing costs.
• Homebuyer may borrow up to the appraised value of the home.
• Lowers the total cash required from the home buyer's own funds for the purchase of their new home.
• 100% financing requires that borrowers have a clean credit history.

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Agency Affordable Products

Agency Affordable Products combine comprehensive buyer education with more flexible underwriting guidelines to create greater opportunities for low and moderate income families to qualify for a home mortgage. This is a fixed rate, low down payment mortgage designed strictly for purchases and no-cash-out refinances of primary residences. Borrowers can earn no more than 100% of the HUD median income for their area.

• Option provides for 97% financing with no down payment or minimum contribution from the borrower.
• Funds for closing cost and prepaids can come from a gift, grant, repayable or forgivable 2nd, and secured or unsecured loans from a family member.
• No cash reserve requirement.
• More lenient qualifying ratios than many other products.

Note: Another product may be better if:

— You have rental property or a second home (not allowed under this program).
— Your income exceeds regional limits (call for limit in your area).

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