Buy a Home with Just 1% Down and get up to a 2% Lender Gift towards your down payment. Buying a home has never been more affordable with our low down payment Conventional Mortgage.
SUBMISSION DEADLINE FOR PROGRAM: MAY 31ST, 2018
Unlike Down Payment Assistance programs, such as MSHDA, there is no 2nd mortgage required. This is a true gift at the closing from the lender that is applied to the down payment. This give you 3% equity at the closing!
This program is available through our FannieMae HomeReady Mortgage which offers low fixed rates on 10 year to 30 year mortgage loans.
1% Down Mortgage with No PMI
To get the lowest overall mortgage payment you could opt for our lender paid PMI option. This will allow you to have no monthly PMI included in your mortgage payment resulting in some of the lowest possible mortgage payments available!
Get Pre-Approved for a 1% Down Home Loan
To get started with our low down payment mortgage simply call a licensed loan officer at 800-555-2098 or request information below. You will supply some basic information to confirm you meet the income, credit and asset requirements for the program. If everything looks good, you will be given an Pre-Approval Certificate so you can start shopping for a home!
EXAMPLE DETAILS: Borrower contributes 1% down, lender contributes 2% of the loan amount up to $5000 for the down payment and the borrower is responsible for any difference to get to the required 3% down. The principal and interest payment on a $200,000 30-year Fixed-Rate Loan at 4.625% and 97% loan-to-value (LTV) is $1028.28 with 0 points due at closing. The Annual Percentage Rate (APR) is 4.866%. The principal and interest payment does not include property taxes and home insurance premiums, which will result in a higher actual monthly payment. Rates current as of 01/15/2018.