1% Down Mortgages
How The 1% Down Program Works?
By utilizing the One Percent Down Program first-time home buyers can now purchase a home with as low as 1% Down. The required down payment for a typical loan is 3% of the home’s sales price. With this program the lender contributes the other 2% towards the down payment. This loan program is available to qualified first-time homeowners utilizing a conventional 30-year fixed rate loan mortgage.
Use the form below or call us at 651-459-6000. Tell us who you are and briefly explain your needs and we’ll get back to you asap!
- Lender contributes 2% up to $5,000 towards your down payment
- The remaining 1% down payment required can be a gift from a family member
- The 2% lender contribution NEVER has to be paid back
- Loan program is a conventional loan for first time home buyers
- Qualifying income can’t exceed 100% of the area median income
- Minimum credit score of 720 required
- Seller can contribute for closing costs and prepaid expenses (taxes, insurance, etc.)
- Flexible loan approval guidelines
- Home must be owner-occupied (No rental properties)
- Competitive interest rates
- No prepayment penalties
1% Down Quick Form
Tell us who you are and briefly explain your needs and we’ll get back to you asap!