For many would-be homebuyers, the down payment is the wall. Not the credit score, not the income, not the monthly payment — the lump sum of cash required upfront before any of that even matters. SNhome™ was built to knock that wall down.
Available exclusively through SecurityNational Mortgage Company, SNhome™ is a down payment assistance program that pairs a second mortgage — either forgivable or repayable — with an FHA 30-year fixed first mortgage. It’s designed for buyers who are ready to own but need a bridge between where their savings are and where they need to be.
How It Works
SNhome™ provides either 3.5% or 5% assistance based on the lower of the purchase price or appraised value of the home. That money can be applied toward your down payment, closing costs, prepaids, or any combination of the three. It comes as a second mortgage and must be paired with an SNhome™ FHA first mortgage — SNMC funds both.
There are two ways the assistance can be structured, and the right choice depends on your situation.
The Forgivable Option
With the forgivable second mortgage, you receive 3.5% assistance at 0% interest with no monthly payments. Make 36 consecutive on-time payments on your first mortgage, and the balance is forgiven entirely — you never have to pay it back. It’s the stronger option for buyers who are committed to staying in the home long-term and want to minimize ongoing obligations. One important note: the forgiveness clock resets if a payment is ever late, so staying current on your first mortgage matters.
The Repayable Option
The repayable second mortgage offers up to 5% assistance with a 10-year repayment term. The interest rate on the second mortgage is set slightly above your first mortgage rate. This option is ideal for buyers who need a larger boost or are purchasing in a higher-cost market — it also qualifies for high-balance loan amounts.
All borrowers using the repayable option are required to complete a short informational video about loan payments before closing.
Who Can Qualify
SNhome™ follows FHA guidelines with some program-specific requirements. Here’s what you need to know:
- Minimum FICO: 580 for standard properties; 620 for manufactured homes
- Loan type: FHA 30-year fixed, purchase transactions only, primary residence only
- Property types: 1–2 unit properties; new construction is allowed if the property is complete at purchase
- Available in nearly all U.S. states where SNMC has licensed branches
Why It’s Exclusive to SNMC
SNhome™ isn’t a government grant or a third-party assistance program you could find through any lender. It’s exclusive to SecurityNational Mortgage Company. SNMC underwrites the product in-house, which means generally faster approvals and a smoother path to closing — no waiting on outside investors to make the call.
The Bottom Line
If the down payment has been the thing standing between you and homeownership, SNhome™ was built for you. Whether you want to minimize what you owe long-term with the forgivable option, or maximize your assistance with the repayable route, there’s a structure that fits.
*Assistance and Grant Programs are offered and provided by third-party entities whom set restrictions, conditions, qualification criteria, and repayment requirements to which SecurityNational Mortgage Company must abide.
You’ve been doing everything right. You’ve saved what you can. You’ve checked your credit. You’ve scrolled through listings and pictured yourself in that kitchen, in that backyard, hosting friends in that living room.
But every time you start to get serious about buying, you hit the same wall: the down payment.
It’s not that you can’t afford a monthly mortgage payment—you’re already paying rent, after all. It’s the upfront cash that stops you in your tracks. Five percent down on a $300,000 home is $15,000. Add in closing costs and you may be looking at $20,000+ just to get through the door.
For many first-time buyers, that’s the difference between owning a home and renting for another few years.
Here’s the good news: there may be a solution, and it’s only available through Security National Mortgage Company.
What Is SNclose™?
SNclose™ is a down payment assistance program designed to help address one of the biggest barriers to homeownership. For those who qualify, it may provide up to 5% of your home’s purchase price to use toward your down payment, closing costs, and prepaid expenses.
Depending on which option you choose and whether you meet all program requirements, you may not have to repay the assistance.
Two Options to Fit Your Situation
SNclose™ offers two paths for eligible borrowers. Both are designed to help make homeownership more accessible.
Option 1: Forgivable Assistance (3.5%)
This is the option many first-time buyers explore.
Eligible borrowers may receive 3.5% of the home’s purchase price as assistance. There’s no interest charged on the second lien. There’s no monthly payment on that amount. If the borrower meets all program requirements including making on-time payments on the first mortgage for the first three or five years and maintaining the property as a primary residence, the second lien may be fully forgiven.
Requirements may include:
- Minimum credit score of 640
- Paired with FHA or USDA financing
- Subject to additional underwriting requirements
Example: On a $300,000 home, eligible borrowers may receive $10,500 in assistance that could be forgiven if all program terms are met.
Option 2: Repayable Assistance (Up to 5%)
If you need additional assistance upfront, this option may provide up to 5% assistance with a 10-year repayment term. This option is not available for high-balance loans.
Requirements may include:
- Minimum credit score of 660
- Paired with FHA or USDA financing
- Subject to additional underwriting requirements
Example: On a $300,000 home, eligible borrowers may receive up to $15,000 in assistance, subject to qualification.
What If My Partner’s Credit Isn’t Great?
This is one of the most common questions we hear, and SNclose™ has a feature that may help.
Many first-time buyers are purchasing with a spouse or partner, and sometimes one person’s credit score is stronger than the other’s. With most programs, the lower score may disqualify you. SNclose™ offers a blended credit score feature that may help in certain situations.
The blended credit score feature may allow you to average both borrowers’ scores together if:
- The person with the higher income also has the higher credit score
- That person represents at least 60% of total household income
- Your blended score averages to 660 or higher
- All other program requirements are met
Example:
- Borrower 1: Credit score 760, earns $75,000/year
- Borrower 2: Credit score 603, earns $35,000/year
- Blended score: (760 + 603) ÷ 2 = 681
This may allow qualification where the lower individual score might otherwise present a challenge. Pricing is still based on the lower individual score. This feature is subject to automated underwriting system approval and all other program requirements.
Why SNclose™ Only Exists at SecurityNational Mortgage Company
This isn’t a government program. It’s not offered by other lenders. SNclose™ is a proprietary program exclusive to SecurityNational Mortgage Company, designed to help address the down payment challenge many qualified buyers face.
We’re also delegated to underwrite these loans in-house, which may help provide faster decisions and a smoother process for eligible borrowers.
What You May Be Able to Use SNclose™ For
For those who qualify, the funds from SNclose™ may be applied to:
- Your down payment
- Closing costs
- Prepaid items (like property taxes, homeowners insurance, and escrow setup)
These are the upfront costs that can make homeownership challenging to achieve.
How Does the Forgivable Option Work?
With the forgivable option, if you meet all program terms, the second lien may be forgiven. This means:
- You must maintain the property as your primary residence for the forgiveness period
- You must make all first mortgage payments on time (no payments 90+ days late during the first 36 0r 60 months)
- All other program requirements must be satisfied
If you refinance, sell the property, or fail to meet program requirements before the forgiveness period ends, the second lien becomes due and payable.
What Are the Program Requirements?
SNclose™ works with FHA and USDA loans. Eligibility requirements may include but are not limited to:
- Meeting minimum credit score thresholds
- Meeting FHA or USDA program guidelines
- Automated underwriting system approval (manual underwriting may be available for the forgivable option only)
- Property must be owner-occupied as primary residence
- Property types limited to 1-2 unit single-family homes, condos, and PUDs (subject to eligibility)
Requirements may change without notice. Not all applicants will qualify.
How to Learn More
If you’ve been working toward homeownership but the down payment has been a challenge, SNclose™ may be worth exploring.
Here’s what to do next:
- Contact a loan officer at SecurityNational Mortgage Company to discuss your specific situation and determine if you may qualify.
- Get pre-qualified. Understanding your potential eligibility can help you plan your home search.
- Ask questions. Make sure you understand all program terms, conditions, and requirements before proceeding.
Homeownership may be more accessible than you thin, and sometimes the right program can make the difference.
SNclose™ may be that program.
Ready to learn if you may qualify? Contact your loan officer today and ask about SNclose™, the down payment assistance program that’s only available with SNMC. Don’t have a loan officer yet? Find one
here.
