If the intimidating cost of a down payment makes a home purchase seem out of reach, a 1% Down Payment mortgage might help you achieve your goals. Whether you are a first-time buyer or have plenty of experience in the real estate market, MortgageDepot’s licensed and trained loan professionals will open your eyes to this innovative path to becoming a homeowner.
Advantages of MortgageDepot’s 1% Down Payment Mortgage
If you plan to purchase a home in Pennsylvania, our 1% Down Payment mortgage program can help you get the keys to a new home quickly. Here are some of the advantages that our clients experience:
A low 1% down payment means that you’ll need less money in your savings account to achieve your real estate goals.
Your down payment funds can come from multiple sources, including gifts.
You might be eligible to receive 2% from our lender at closing.
Our 1% Down Payment mortgage program is available without a private mortgage insurance requirement.
With expert guidance from MortgageDepot’s experienced staff, you can close on your new home in less than 30 days!
Qualifying for a 1% Down Payment Mortgage
The eligibility guidelines for a 1% Down Payment mortgage are easy to understand, especially with MortgageDepot’s loan officers on your side. Here are the basic qualifications that borrowers must meet to qualify:
Their credit score should ideally be 700 or higher.
They should have a debt-to-income ratio of 43% or lower.
They need to meet the Home Possible® area median income limits.
If you’re unsure if you qualify for a 1% Down Payment mortgage, MortgageDepot can help! Talk to our loan professionals to see if this program is right for you.
MortgageDepot Can Help!
MortgageDepot’s loan officers understand the details of mortgages in Pennsylvania. With our in-house approvals and customized loan solutions, our clients are on the fast track to owning a home. Our 1% Down Payment mortgage program has helped countless clients get into the home of their dreams. Connect with us today to see what we can do for you!