1% Down Home Loan, plus 2% Grant
We are proud to present a 1% down home loan program with a 2% grant (that does not need to be repaid). This program is perfect for someone who is looking to get into a new home but may not have the initial funds for a larger down payment. Higher interest rates, increasing housing prices and inflation have made it more difficult than ever for borrowers to qualify for a new home purchase without a large down payment. With our new 1% down program, it doesn’t have to be so difficult.
What’s unique about this program is it takes out the typical hassle with getting underwritten on a local or state grant program. The loan is all underwritten at one time, and for qualified borrowers a 2% lender grant is provided bringing the initial down payment on the loan to 3%. You may put a total of up to 3% down for this program yourself and still receive the initial 2% grant, although it’s not required.
Another unique aspect of this program is that you will also not have to pay any mortgage insurance. Typically, if you’re putting less than 20% down on a home there will be some type of mortgage insurance required, but for this program there is NONE. This can save our customers hundreds of dollars as well as providing thousands of dollars up front for the down payment.
Requirements of the program:
- Purchase of a primary residence
- Credit Score: 620 or higher
- Maximum Loan Amount: $350,000
- No Mortgage Insurance paid by the customer
- Area Median Income (AMI) requirements
