Don’t have a big down payment?

To purchase your home with a 1% down payment mortgage, homebuyers can benefit from a more accessible entry point into homeownership. However, an even sweeter deal can be had when the lender contributes an additional 2%, bringing the total down payment to 3%. This option allows buyers to keep more cash on hand for other expenses, while still achieving homeownership.

Using gift funds for the entire down payment further alleviates the financial burden. Many mortgage programs permit gift funds from family or other sources to be used for the down payment, making it easier for buyers to come up with the necessary funds.

Purchase your home with 1% down.

The purchase of your home with 1% down and having the lender contribute an additional 2%, buyers can save thousands of dollars compared to a traditional 20% down payment. This extra cash can be used for furniture, house repairs, and maintenance, making the transition to homeownership much smoother.

Additionally, keeping more money in your pocket can provide peace of mind and flexibility. Homeownership comes with unexpected expenses, and having a cushion of savings can help alleviate stress.

In conclusion, a 1% down payment mortgage with a lender-paid 2% contribution and the use of gift funds for the down payment can be a remarkable opportunity for homebuyers. It enables them to achieve homeownership with less financial strain, more flexibility, and the ability to focus on enjoying their new home.

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THE PRINCIPAL AND INTEREST PAYMENT ON A $200,000 30-YEAR FIXED-RATE LOAN AT 6.125% AND 97% LOAN-TO-VALUE (LTV) IS $1275.22. THE ANNUAL PERCENTAGE RATE (APR) IS 6.687% WITH ESTIMATED FINANCE CHARGE OF $5,600. THE PRINCIPAL AND INTEREST PAYMENTS, WHICH WILL CONTINUE FOR 360 MONTHS UNTIL PAID IN FULL, DO NOT INCLUDE TAXES AND HOME INSURANCE PREMIUMS, WHICH WILL RESULT IN A HIGHER ACTUAL MONTHLY PAYMENT. RATES CURRENT AS OF 1/15/2024. SUBJECT TO BORROWER APPROVAL. SOME EXCLUSIONS MAY APPLY. NMLS2260246