CONVENTIONAL 1% DOWN
AN INCREDIBLE OPPORTUNITY TO HELP WITH HOME AFFORDABILITY
Conventional 1% Down. When income-qualified borrowers put 1% down, the bank pays an additional 2% toward the down payment, up to $4,000, for 3% down. Not only does it help make homeownership more affordable for borrowers, it gives you a competitive edge when talking to real estate agents.
HOW IT HELPS YOUR BORROWERS
- Qualify with income at or below 80% of the AMI
- Lower down payment
- Get into a house sooner by reaching the down-payment savings goal faster
- More money for furniture, house repairs, and maintenance
- What is a Conventional 1% Down Loan?
- A Conventional 1% Down Loan is a unique home loan program that enables eligible borrowers to buy a home with only a 1% down payment. This unconventional opportunity offers a solution for those with a strong credit profile who might struggle with saving up for a larger down payment. The rest of the down payment is covered by a forgivable grant, easing your path toward home ownership.
- Who Can Qualify for a Conventional 1% Down Loan?
- Qualifying for a Conventional 1% Down Loan is straightforward. Key requirements include a minimum credit score of 700, a stable income, and a debt-to-income ratio that does not exceed 43%. However, every situation is unique, and we encourage you to connect with our loan specialists to discuss your eligibility.
- Benefits of a Conventional 1% Down Loan
- Conventional 1% Down Loans offer numerous benefits, starting with the low down payment. This is especially attractive for first-time homeowners. Unlike other low-down payment options, there’s no upfront mortgage insurance premium, and the loan offers competitive interest rates. It’s a financially savvy way to achieve your dream of owning a home.
- Application Process for a Conventional 1% Down Loan
- Our application process is as simple as 1-2-3. First, connect with our loan specialists for pre-approval to understand how much you can afford. Next, choose your dream home within your pre-approved budget. Lastly, submit the necessary documents and close your loan. We’ll be there every step of the way to make your home-buying process as smooth as possible.