• Agency Affordable Products
• Gift Fund Programs/Housing Authorities/Bond Programs
• Rural Housing Program

Agency Affordable Products

Agency Affordable Products combine comprehensive buyer education with more flexible underwriting guidelines to create opportunities for low to moderate income families to qualify for a home mortgage. This fixed rate, low down payment mortgage is designed for purchases and no-cash-out refinances of primary residences.

• Low-income buyers may qualify for 97% financing with a fixed rate loan
• The 3% down payment may come from borrower's own funds
• Closing costs can come from a gift, grant, or cash from any source
• Cash reserves may not be required
• No penalty for prepaying your loan

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Gift Fund Programs/Housing Authorities/Bond Programs

SunTrust Mortgage has partnered with a number of non-profit housing agencies in many of our markets that provide downpayment assistance to first-time and/or low-to-moderate income homebuyers who meet their eligibility guidelines.

• Programs may provide downpayment assistance and affordable home financing at or below market interest rates and closing cost assistance
• Lowers the total cash requirement from the homebuyer's own funds for their house purchase

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Rural Housing Program

This innovative loan program provides 100% financing* for eligible homebuyers who wish to purchase a home in an USDA RD designated area. Homebuyers may borrow up to the appraised value of the home they are purchasing, and there is no down payment required.

• Seller may pay up to 6% of the homebuyer's closing costs
• Borrowers must earn no more than 115% of the HUD median income for their area,
  adjusted by family size
• 100% financing requires that borrowers have good credit history
• Available for purchases of a primary residence only
• No penalty for prepaying your loan

*100% mortgage financing means you will have no home equity until the loan principal is paid down through regular mortgage payments and/or the property value appreciates. If property values decline, you could owe more than your home is worth.

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