If you’re looking to buy a home, it can be hard to find a low or no money down mortgage program that fits your needs. You have to be a U.S. Armed Forces veteran or eligible surviving spouse to qualify for a VA loan. Or, your property has to be located in a USDA eligible area to qualify for a USDA loan. Or, you have to have at least a 3.5% down payment to qualify for an FHA loan. However, at Grandview Lending, we have an alternative for you. It’s called the Conventional 1% Down Payment Program with Equity Boost.

Here’s how it works …

 

The advantages of this loan program:

• You only have to put down 1%.
• Your lender contributes another 2% for the down payment.
• When you combine the borrower and lender down payments, you now have 3% equity in your home at closing. Then you finance the rest through a conventional loan.
• Great low interest rates are available.
• You may be able to avoid monthly mortgage insurance.
• You can close in 30 days or less.

The Conventional 1% Down Payment Mortgage Program is available to homebuyers with a minimum FICO score of 700 and a maximum debt-to-income ratio of 43%.

To learn if the Conventional 1% Down Payment Mortgage Program is the right solution for your needs, contact the mortgage experts at Grandview Lending in Indianapolis at 317.255.0062. We’ll provide you with a free quote and answer any questions you may have.

 

Photo credit: 123RF / Karen Roach