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Affordable Housing Products

State Farm Bank® understands that buying a home is very exciting, but often is difficult to overcome certain challenges -- limited funds for down payment and closing costs, limited income, etc. That's why we offer special products to help our customers overcome these challenges.

Affordable Housing Products

*First-time home buyers? Limited funds for down payment and closing costs? limited income?
check mark check mark check mark The Community 100 Plus product requires a minimum of 1 percent down payment of the sales price or $500, whichever is less, from the borrower's own funds. It is available for customers who are purchasing a single-unit property that they will occupy. In some cases, an income limit may apply.
check mark check mark The Flex 100SM product requires a minimum of $500 from the borrower's own funds or 3 percent from flexible sources. (Flexible sources may include a gift, grant, unsecured loan, etc.) This product is available for customers who are purchasing a single-unit property that they will occupy. There are no income restrictions.
check mark check mark check mark The Community 97T product requires a minimum of 1 percent down payment of the sales price or $500, whichever is less, from the borrower's own funds. It is available for customers who are purchasing a single-unit property that they will occupy. In some cases, an income limit may apply.
check mark check mark The Flex 97® product requires a 3 percent down payment which can come from flexible sources. (Flexible sources may include a gift, grant, unsecured loan, etc.) This product is available for customers who are purchasing a single-unit property that they will occupy. There are no income restrictions.

* While these products are not limited to first-time homebuyers, they offer benefits that are usually attractive to first-time homebuyers.


General tips for affordable housing products

  • Income limits vary by area and are updated periodically. For information about the income limit, contact a Mortgage Consultant at 1-877-SF4-BANK / 1-877-734-2265.
  • Generally, loans in excess of 80% loan-to-value require mortgage insurance.
  • Home Buyer Education is required in most cases.

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