Springboard FM 95%-97%

At least one borrower needs to be a first time home buyer or at least one borrower has not owned a home in the previous three years.

  • Zero Down/NO minimum borrower out of pocket required
  • 30-year down payment term on down payment assistance, interest rate equal to 1st mortgage rate
  • Assistance(DPA) is up to 4% of the lesser of appraised value or purchase price 
    • No dollar cap
  • No purchase price limits
  • At least one borrower must be a first time home buyer or have not owned a home in the previous 3 years.
  • Fannie Mae Product
  • 30 Year Fixed Conventional Mortgage
  • Minimum FICO: 660
  • NO Mortgage Insurance
  • Reduced or Competitive Interest Rate
  • Max DTI
    • Upto 50% and Automated Underwriting System approval
  • Homebuyer education required for all borrowers
    • Use FNMA(Fannie Mae) Framework
    • HBE(Home Buyer Education) certificates valid for 6 months
  • Income limits apply
    • Borrower qualifying income versus household income
    • Disclosed Income reviewed and considered
    • Max income: 140% of AMI(search Area Medium Income)
      •  If using the Home Ready product, and the Home Ready income limit is lower, that lower income limit will apply
      •  Use the FNMA Lookup Tool to determine income limit, then calculate 140% of AMI LINK
      • Program qualification based on borrower income only, not household
  • 1-unit properties only
    • Manufactured homes, duplexes and coops not eligible
  • High balance loans permitted
    • Max LTV/CLTV of 95/105% (loan to value/combined loan to value)
  • Conventional 1st liens only no FHA, VA or RD
  • Non-occupant co-borrower/co-signer income not permitted
  • Tax transcripts are required when utilizing 1040 income, working for family, or using WVOE(Written Verification of Employment) as stand-alone income verification.
  • Currently available in the following states: Alabama, Alaska, Arkansas, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee, Utah, Vermont, Virginia, and Wisconsin
    • Will not be available in California, Delaware, Texas, and Washington state

Example Programs by Credit Score

(click program name for details)


FHA 100 Down

Good Neighbor Next Door


DPA Edge


Rate Advantage

HR 97

Standard 97

HFA Preferred Startup

HFA Preferred Stepup

HFA Advantage Startup

HFA Advantage Stepup


FHA Startup 650

FHA Stepup 650


Springboard FMHR

Springboard FM over95-97

Springboard FM under-95 LTV


FAHE FM over95-97

FAHE FM under-95 LTV

DPA Edge DTI-over-50-percent

FHA Startup 660

FHA Stepup 660



HFA Preferred Risk Sharing


This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice
and may not be available in all states. All products are subject to credit & property approval. DownPayment.cool and DownPayment.mobi is not affiliated with any government agency.