1 percent down home loan

Riverbank Finance LLC is excited to offer the new Conventional 1% Down with Equity Boot home loan program. This program is better than 99% financing. You purchase a home with a 1% down payment and we will pay up to a 2% down payment towards your home purchase!

Important Update! New program now available as of 04/12/2023! Check Eligibility Now!

This new 1% down home loan option is a conventional mortgage loan that allows you to purchase a home for one month’s rent payment. There are no more excuses for making money for your landlord when you can buy with a minimal investment.

1% Down Mortgage Rates

Mortgage rates for the 1% Down Mortgage are very competitive with our low rates. Now is a great time to purchase with mortgage rates near the lowest in history. We are also excited to offer this mortgage option with no monthly Mortgage Insurance (PMI). This combination of a low down payment, low mortgage rate, and no monthly mortgage insurance option makes one of the best ways to purchase a home.

1% Down Home Loan Requirements

As with any mortgage, there are qualifications and restrictions for eligibility. A borrower must meet all conventional home loan requirements for credit, income and the property.

Below are a few program specific requirements:

  • Income Limits at 80% of AMI (Area Median Income)
  • All borrowers must occupy the property as their primary residence
  • First Time Home Buyer online class required if borrowers have not owned a home in 3 years
  • Cannot have ownership interest in any other residential dwellings
  • Borrowers may receive their 1% down payment as a gift
  • 620+ Credit Score Required
  • 50% Maximum Debt to Income Limits
  • Up to a 2% Lender Gift towards down payment (Up to $4000 Max)

*Income limited to 100% of Freddie Max Area Median Income Limits (AMI) Apply. If property is located in an Under served Area Census Tract then there are no income limitations. Click here for Michigan Income Limits for the 1% Down Mortgage.

Apply for a 1% Down Mortgage

Call Riverbank today at 1-800-555-2098 or apply online today!

    Request Information Now!

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    Borrower contributes 1% down, lender contributes 2% of the loan amount up to $4000 for the down payment and the borrower is responsible for any different to get the required 3% down. The principal and interest payment on a $200,000 30 year Fixed-Rate Loan at 6.499% and 97% loan-to-value (LTV) is $1264 with 0 points due at closing. The Annual Percentage Rate (APR) is 6.613%. 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 04/14/2023.