Conventional 1% Down Program: An amazing new program to help you get 1 step closer to purchasing!
This loan program is a lender-paid down payment assistance grant that allows income-qualified borrowers to put 1% down and UWM will pay the additional 2% toward the down payment, up to $4,000, for a total of 3%, it can be any purchase price as long as the income requirement is met. These funds will be applied towards your down payment helping you save money on the overall loan costs of your new purchase.
The Borrower Income Requirement is limited to 80% of the county Area Median Income:
Example: Montgomery County 80% Area Median Income: $72,640. We will review your income upfront and verify if you qualify for this special incentive.
HOW IT HELPS BORROWERS
*Qualify with income at or below 80% of the AMI
*Lower down payment
*Get into a house sooner by reaching the down-payment savings goal faster
*More money for furniture, house repairs and maintenance
BORROWER QUALIFICATIONS
*For borrowers with income at or below 80% of the Area Median Income (AMI)
*620+ FICO
*30-year fixed loans with an LTV of 97%
*Eligible for primary purchases only
For more information about Conventional loans, their benefits and loan options and how it may apply to you, please contact us direct or submit the “Quick Quote” form on this page.
