1 Down Home Loan....Say...What!
Ready for a 1% Down Payment Home Loan?
At Mettle Mortgage we know it’s not about closing a loan but about getting you into a home. Sometimes circumstances make saving for that big down payment difficult so we’ve introduced a new national down payment assistance program to help you get into a home faster.
Our new Double Match program allows you to get into a home with just 1 percent down. You put 1 percent down and we’ll kick in the other 2 percent of your down payment, bringing your total down payment up to 3 percent. This grant doesn’t have to be paid back if you move or refinance. This new program is just one of the ways we’re working to make your dream home a reality.
So what are the deets on qualifying?
- 620 credit score or higher
- Loan amount of $350,000 or less
- Income limits based on your location- contact Sam Gorniak for specifics in your area
- First time home buyer counseling required if all borrowers are first time home buyers
What else do you need to know?
- Condos, homes and townhomes are all ok
*It is important for you to know that the smaller your down payment percentage, typically, the higher your interest rate. Down payment assistance cannot exceed 2% of the purchase price. Minimum credit score and debt-to-income (DTI) requirements, annual income limits and purchase price limits apply. Not all applicants will be approved. Receipt of application does not represent an approval for financing or interest rate guarantee.
Example: Monthly principal and interest (P&I) payment of $1,158, based on a purchase price of $250,000, down payment of 3% (1% provided by borrower and 2% provided by Guaranteed Rate), 30 year fixed rate mortgage (360 monthly payments) and rate of 4.00%/4.075% APR (annual percentage rate). Advertised rates and APR effective as of 07/20/16 and are subject to change. Assumes a first lien position, 720 FICO score, 55 day rate lock, based on a single family home in Florida. Subject to underwriting guidelines and applicant’s credit profile. Sample payment does not include taxes, insurance or assessments. Actual payment obligation will be greater. Applicant’s interest rate will depend upon the specific characteristics of applicant’s loan transaction, credit profile and other criteria. Contact Mettle Mortgage for more information and up to date rates.