1% Down Mortgage
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Summary
Perfect for those who don't qualify for a VA or USDA loan, but want a low down payment affordable loan program.
If you can come up with 1% down, the lender will come up with the other 2%, making your total equity at closing 3%. Closing costs may be paid for by lender credit in exchange for a higher interest rate. You can get a low down payment, a great rate, and close in 30 days!
Features
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You don't need to be a first-time home-buyer to be eligible for this loan.
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Reduced Monthly Mortgage Insurance rates - 25% MI rate compared to 35% for Conventional loans.
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Also available with option to eliminate monthly Mortgage Insurance
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As an affordable loan program, there are reduced fees, lowering your closing costs compared to Conventional loans
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No Funding Fee or Up Front Mortgage Insurance Premium like VA, USDA, or FHA loans.
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1% Down Payment can come from a gift
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Closing Costs can be paid by seller or lender credits
Requirements
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For Primary Residence transactions only. Second Home and Investment properties ineligible.
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1-Unit Properties only. 2-4 Unit Properties ineligible.
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Non-Occupant Co-Borrowers ineligible
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Condominiums must be warrantable
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Minimum FICO score of 620
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Must meet Freddie Mac Home Possible guidelines.
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Some properties may be located in an area subject to income limits. Borrowers purchasing properties in these areas must not make more than the stated income limit, per year. See eligibility maps below:
Home Possible Eligibility Lookup Here