Special Mortgages
Whether you're looking for construction
financing to build your dream home or you're
interested in a low downpayment mortgage,
HSBC has a program to fit your needs. We
offer limited and no documentation loans or
you may want to blend a Home Equity Loan or
Line of Credit with an HSBC first mortgage to
avoid paying mortgage insurance.
Click on a product name below to see more details.
- New Construction Mortgages
- Home Renewal Mortgages
- Limited Documentation Mortgages
- Low/No Downpayment Mortgages
- Affordable Housing Mortgages
- Cooperative Housing Mortgages
- Blended Mortgages
New Construction Mortgages:
Don't just dream of building your own home, let HSBC provide you and an approved builder the necessary financing to turn your dream into a reality. Our construction draw loan program is offered in a single or double close format, allowing for the flexibility you and your builder may need during the construction process. With loan amounts as high as $1 million and minimum downpayment requirements of as little as 10%, HSBC's construction mortgage programs may be the right fit for your construction financing needs. Single close construction mortgages available in CT, FL, NC, NJ, NY, PA, SC and VA. Double close construction mortgages available in NC, NJ, NY, SC and VA.
Home Renewal Mortgages:
When you fall in love with a house, you can't let a leaky roof, outdated kitchen or unreliable electric or plumbing keep you from making it your own. HSBC's Home Renewal Mortgage is a first lien mortgage program that makes it easier and more economical to buy and fix an historic or older home. You can even refinance your existing mortgage to get the funds to renovate your current home. Our Home Renewal Mortgage program is available on 1-4 family owner occupied and 1-family second home properties located in New York, Pennsylvania, Connecticut, Florida, North Carolina and South Carolina and carries loan amounts up to $1 million.
Limited Documentation Mortgages:
HSBC recognizes that different borrowers have different needs when it comes to home financing. This is why we offer Limited Documentation options and programs that may be the ideal fit for self-employed borrowers and/or borrowers interested in avoiding the hassle of providing the large amount of paperwork that is usually required for a mortgage. Our Lite Doc, Accelerated Approval Program (AAP) and Stated Income programs provide a streamlined alternative to the mortgage process by avoiding the need to verify your income or asset profile, or in some cases both. With competitive rates and loan amounts as high as $2 million, we have the Limited Documentation option or program you're looking for.
Click here* for more information regarding Limited Documentation Mortgages.
Low/No Downpayment Mortgages:
Affording the home of your dreams has never been easier.
If you have good credit and income but minimal funds available for a downpayment, our Fannie Mae Flex 100 Mortgage program may be your key to home ownership. This program is designed to give you the flexibility to purchase a home now rather than having to wait until you've saved enough for the 5% downpayment that is often required for a traditional mortgage. Available for single family owner occupied properties, some of the features of this program are:
- Loan amounts up
to $417,000 - $500 or 3% borrower contribution required toward
closing costs - Gifts, grants or unsecured loans permitted for
downpayment - Available in
all states
Affordable Housing Mortgages:
HSBC is committed to helping people achieve their dream of home ownership. Our CommunityWorks® Mortgage program, along with Freddie Mac's Home Possible and Fannie Mae's MyCommunity programs are ideal for first time homebuyers with low to moderate incomes. Some of the benefits of an HSBC CommunityWorks Mortgage are:
- Choose between a 30 or 40 year term
- Downpayment requirements as little as 3%
- Flexible underwriting guidelines
- Closing cost assistance
- Accommodation of eligible assistance such as grants
and subsidies
Some of the benefits of Freddie Mac's Home Possible and Fannie Mae's MyCommunity Mortgages are:
- Choose between a fixed or adjustable rate
- Zero downpayment required in some cases
- Flexible underwriting guidelines
- Accommodation of eligible assistance such as grants
and subsidies - Added benefits for teachers, police officers, firefighters, health care workers and military personnel
The Freddie Mac Home Possible and Fannie Mae MyCommunity programs are available on 1-4 family primary residences in the District of Columbia and all states except AK and HI. Our CommunityWorks Mortgage program is available on 1-4 family primary residences throughout New York, California and Washington DC. It is also available in select counties in Connecticut, Delaware, Florida, Illinois, Maryland, New Jersey and Pennsylvania.
If you live in New York or New Jersey, you may be eligible for the First Home Club matched savings program. Find out more by visiting our First Home Club web page today!
Click here* to view payment examples.
Cooperative Housing Mortgages:
Cooperatives (Co-ops) are an increasingly popular living alternative in highly populated urban areas. HSBC recognizes the need to provide financing options for this unique type of home ownership so we offer a variety of Co-op eligible mortgage programs. Our Co-op Mortgages offer downpayment requirements of as little as 3% and mortgage amounts as high as $2 million. Co-op mortgages are available for properties in Maryland, New Jersey, New York and Washington D.C.
Click here* to view our Co-op Guide.
Blended Mortgages:
If you're looking to put down the minimum required and would also like to avoid higher jumbo pricing or private mortgage insurance, HSBC has a Blended Mortgage transaction likely to fit your needs. Bypass the requirement for mortgage insurance with as little as a 5% downpayment. In some cases, no downpayment will be required. Avoid the higher interest rate associated with jumbo loan amounts by partnering an HSBC first mortgage at the maximum conforming loan amount and securing the remaining financing through an HSBC home equity loan or Line of Choice. The process of adding a home equity to an HSBC first mortgage is simple since much of the documentation required for the first mortgage is also used for the home equity. The closing process even takes place simultaneously! HSBC's Blended Mortgage programs may be just the home financing option you need.
The interest on the home equity loan may be tax deductible (consult your tax advisor).
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