Are you a first-time home buyer eager to step into the realm of homeownership but daunted by the substantial down payment requirements? We’ve got fantastic news for you! The real estate landscape is evolving, and with it comes innovative solutions to make your homeownership dreams a reality. Enter the remarkable 1% Down Conventional Loan – a game-changer that lets you dive into homeownership with just a fraction of the traditional down payment.

Understanding the 1% Down Conventional Loan
Guidelines and Eligibility

To embark on this exciting journey, you’ll need to align with the Home Possible guidelines or meet the DU Eligible Findings and HomeReady Guidelines. These guidelines ensure you’re on the right track to making your homeownership dreams come true. You can find the detailed HomeReady Guidelines here.

Affordable Income & Property Eligibility

The 1% Down Conventional Loan opens doors to individuals with qualifying incomes of 80% or less of the area median income. Unsure about your eligibility? No worries! You can utilize the Area Median Income & Property Eligibility Lookup Tool here to determine if you qualify.

Breaking Down the Down Payment

The most astonishing aspect of the 1% Down Conventional Loan is its down payment requirement. With this loan, you can own your piece of the property pie with just 1% down. To add icing on the cake, the lender-funded down payment is capped at the lesser of 2% or $4,000. Imagine turning your homeownership aspirations into reality without draining your savings!

Mortgage Insurance and More

Should your loan-to-value ratio fall below 20%, mortgage insurance will be required – a small price to pay for the countless benefits of owning your home. While escrow waivers aren’t advised, they don’t stand in the way of this incredible opportunity.

First-Time Home Buyer Counseling and Education

While you don’t necessarily need to be a first-time homebuyer, there’s an added incentive for those who are. If all borrowers occupying the home are first-time homebuyers (meaning no interest in any property within the last 3 years), a requirement for First Time Home Buyer Counseling comes into play. But don’t worry, this counseling comes at no cost to you. The process can be conveniently completed through any Fannie Mae or Freddie Mac approved agency.

Bringing Your Homeownership Dreams to Life

With the 1% Down Conventional Loan, the path to homeownership has never been clearer. By reducing the initial financial burden and offering extensive support through education and counseling, this loan empowers you to step confidently into the realm of real estate.

Are you ready to open the door to your very own home? The 1% Down Conventional Loan is your ticket to experiencing the joys of homeownership without the hefty down payment demands. Transform your aspirations into reality and embark on this exciting journey today!