800-555-2098
Riverbank Finance LLC is excited to offer the new Conventional 1% Down mortgage program. This down payment assistance 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! This gives you 3% equity at closing!
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.
Conventional 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.
Conventional 1% Down Mortgage 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)
- Primary Residence Only
- First Time Home Buyer online class required if borrowers have not owned a home in 3 years
- 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 $7,000 Max)
*Income limited to 80% 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.
Who Qualifies for the Conventional 1% Down Mortgage?
To qualify for the conventional 1% down mortgage, borrowers must meet standard guidelines for a conventional loan while also fitting within specific income and property requirements. This program is especially helpful for those who may not have large savings for a down payment but are financially ready to become homeowners.
Many buyers are surprised to learn they qualify for this program without needing perfect credit. With a minimum credit score of just 620, it is a great option for most home buyers that meet the income requirements.
Why Choose Riverbank Finance for Your 1% Down Mortgage?
Riverbank Finance LLC is proud to be a leading Michigan mortgage company specializing in first-time buyer programs, including the conventional 1% down mortgage. Our experienced loan officers will walk you through the process step-by-step, ensuring you receive expert guidance, personalized service, and access to the best home financing options available.
Ready to take the next step? Apply for your Conventional 1% Down Mortgage online today or schedule a time to speak with one of our licensed mortgage professionals.
Borrower contributes 1% down, lender contributes 2% of the loan amount up to $7,000 for the down payment and the borrower is responsible for any different to get the required 3% down. The principal, interest and MI payment on a $200,000 30-year Fixed-Rate Loan at 6.625% and 97% loan-to-value (LTV) is $1,370.62. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 06/10/25. Subject to borrower approval. Some exclusions may apply.