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.

 

Program Highlights:

– 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