Conventional 1% Down
with Equity Boost
There are so many programs out there for folks who don’t have the cash to make a “traditional” down payment. From FHA Loans and HomePossible® Loans to VA Loan for our Vets. But a new program has come out recently that is quite unique. Not only does it require less money down, but it only requires financing 97% of the house. What happened to that other 2% you might ask? That’s where the “Equity Boost” comes in.
When you get an Equity Boost mortgage, the lender actually contributes 2% to your downpayment. That’s right. They just throw it in! So when you come up with 1%, and have the credit score to make the lender feel secure, they’re so excited to get you into a home that they’ll toss in 2% equity in your home basically for free.
Of course, not everyone qualifies, but many will. And you can get great rates too. Plus, these loans don’t take forever. Most close within 30 days which means you could be in your new home before you know it!
No Mortgage Insurance
Most low payment mortgage solutions require that pesky Private Mortgage Insurance. And while the available options are different for everyone, mostly based on credit score, one of the best options is a loan with no mortgage insurance. If you qualify, you could get into the home of your dreams for just 1% down and not have to pay tons of extra money each month on PMI.
Embrace What's Possible
Boost your expectations of the home buying process and ask about a Conventional 1% Down with Equity Boost!
Want to See if You Qualify?
Call us at (248) 619-7067