Explore TD Bank’s low down payment and affordable mortgage options designed to help you achieve your homeownership goals with ease.

Addressing Home Affordability Challenges

Home affordability remains a significant hurdle for many, especially first-time buyers. According to the Skipton Group’s Home Affordability Index, nearly 90% of potential buyers struggle to purchase a home in their local areas. Recognizing this pressing issue, TD Bank offers a range of affordable mortgages tailored to meet diverse financial needs, making homeownership more accessible and achievable.

TD Bank’s Affordable Mortgage Programs

TD Bank provides several low down payment mortgage options designed to alleviate financial barriers and support your journey to owning a home. Here are some of the key programs:

TD Right Step Mortgage®

No income limits for properties in low-to-moderate income census tracts.
No borrower-paid mortgage insurance, reducing your monthly expenses.
Available for a variety of property types, including condos, co-ops, and manufactured housing.

TD Home Access Mortgage®

$10,000 Lender Credit available for purchase options, with a maximum cash back of $2,000.
No borrower-paid mortgage insurance required.
Suitable for many property types, enhancing flexibility for buyers.

FNMA HomeReady®

$2,500 Grant available for a limited time to assist with down payments.
Borrower-paid mortgage insurance with reduced costs compared to other low down payment options.
No minimum contribution for single-family properties, easing the financial burden on buyers.

Additional Features of TD Bank’s Affordable Mortgages

TD Bank’s mortgage solutions come with several features designed to make the home buying process smoother:

Low Down Payment: Options as low as 3%, allowing you to retain more of your savings.
Flexible Underwriting: Minimum credit score of 620, making it easier to qualify.
Down Payment Assistance: Funds for down payments and closing costs can come from gifts, grants, or a Community Second Mortgage.
Homebuyer Education: Mandatory education programs to help you understand budgeting, credit management, and the mortgage process.

How to Qualify for an Affordable Home Loan

Qualifying for an affordable mortgage involves meeting certain criteria, which TD Bank has designed to be as inclusive as possible:

Income Limits

Affordable housing programs have income caps based on your local Area Median Income (AMI). Each mortgage product varies in its specific income requirements, ensuring that support is directed to those who need it most.

Down Payment Assistance Programs

TD Bank offers Community Second Mortgages, which can cover up to 105% of your home’s value to assist with down payments and closing costs. These programs offer flexible repayment options, including:

0% Interest on the second mortgage.
Repayment Only upon selling the home.
Fixed Installment Payments on a set schedule.
Debt Forgiveness if you remain in the home for a specified number of years.

Homebuyer Education

Completing HUD-approved education classes or counseling is required for some low down payment and affordable mortgage loans. These sessions cover crucial topics such as:

Costs and responsibilities of owning a home.
Financial preparedness for buying a home.
Understanding credit and budgeting.
Navigating the mortgage loan process.

Benefits of Choosing TD Bank for Affordable Mortgages

Choosing TD Bank for your mortgage needs comes with several advantages:

Comprehensive Support: From financial literacy workshops to personalized consultation services, TD Bank provides holistic support to guide you through every step of the home buying process.
Flexible Mortgage Solutions: With a variety of mortgage products tailored to different financial situations, TD Bank ensures you find the right fit for your needs.
Aligned with HAEI: TD Bank’s initiatives align with the Home Affordability Enhancement Initiative (HAEI), leveraging Skipton Group’s expertise to offer innovative and sustainable mortgage solutions.

Take the First Step Towards Homeownership

With TD Bank’s affordable mortgages, achieving your dream of owning a home is within reach. Benefit from low down payments, flexible terms, and comprehensive support designed to make homeownership accessible and stress-free.

Begin your mortgage journey today and discover how TD Bank can help you secure an affordable home loan!

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