SNhome™: SNMC’s Exclusive Down Payment Assistance Program, Explained
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.
Ready to see if you qualify? Connect with an SNMC loan officer to get started.
*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.