Is the Conventional 1% Down with Equity Boost Program Right for You?
September 8th, 2017
September 8th, 2017
Are you looking to purchase a new home, but you want to keep as much money as you can in your wallet? You may want to consider the Conventional 1% Down with Equity Boost program. For about the same amount of money that you spend on lattes for a year, you could actually own a home through this program.
Here’s how the program works:
You put down 1% (by saving money and not buying lattes for year). Your lender contributes 2%. You end up having 3% equity in your new home at closing. This program is a great way to realize your dreams of homeownership when you don’t have a lot of money saved for a down payment.
- Single family homes only.
- Up to $5,000 maximum gift from the lender to be used for the down payment only.
- 1% down payment may come from gift money.
- Competitive low rates available.
- Available with no monthly mortgage insurance.
- Closing within 30 days or less.
How to Qualify:
- You must meet requirements for a conventional loan program.
- You must meet specific income requirements.
- You must occupy the home as your primary residence.
- You can’t own another residence.
- You must complete a home buyer online course if you haven’t owned a home in the last 3 years.
- You must have a minimum FICO score of 700.
- You must have a maximum debt-to-income ratio of 43%.
This program is not a down payment assistance program through state or government agencies. It’s a unique program that Grandview Lending, a mortgage broker firm located in Indianapolis, can offer to qualified borrowers to help them attain their dream of owning a home.
If you’re ready to become a homeowner, contact Grandview Lending today at 317.255.0062. Our experienced mortgage experts can answer any questions you may have about the Conventional 1% Down with Equity Boost program – and review your needs to determine the right mortgage solution based on your specific situation.
Get into the home you’ve always dreamed of today.
Photo credit: 123RF / Karen Roach
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