Spark Loans

F&M Mortgage is proud to offer our 100% Local, Spark Zero Down Mortgage. Ideal for first-time home buyers, and open to all qualified borrowers, the Spark Loan is a no-pmi mortgage without income limits. If you’re looking for a no down payment mortgage, F&M’s Spark Loan might be perfect for you.

Pros and Cons of Spark Loans in Virginia

  • No down payment is required, but you can still put up to 3 percent down without being disqualified from the program.
  • Having trouble qualifying for a mortgage? With a Spark Loan, you can use a non-occupying co-borrower to apply for your mortgage. This doesn’t have to be a family member—your co-borrower simply has to meet the same underwriting requirements.
  • There is a minimum borrower contribution of 1 percent. You can apply this contribution toward the down payment or closing costs and pre-paids. This money must come from your own liquid assets, not gift money or other loans.
  • Spark Loan borrowers must take a pre-purchase home buyer education and counseling course independent of F&M Mortgage. You must submit a certificate of completion before you can apply for a Spark mortgage.
  • Spark borrowers may currently own no more than one property. Spark Loans can only be used to finance the purchase of a primary residence.

F&M Mortgage: A Virginia Tradition Since 1908

F&M Mortgage, a division of F&M Bank, has been investing in Shenandoah Valley communities, and helping Virginians become homeowners, for more than a century. Our Mortgage Advisors are committed to offering friendly, personalized service, with the kind of local expertise you only find in people who live and work in your community. Ready to apply for a Spark Loan? Use our online mortgage application or apply in person at your nearest branch. If you have questions about our no down payment home loan, or the best mortgage for a first-time home buyer, our knowledgeable staff is ready to assist you.

Have Questions? Get In Touch

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