It’s not always easy to find a low down payment mortgage, especially if you would like to avoid the high cost of mortgage insurance (MI).
But now, qualified borrowers can get a conventional mortgage with a 1% down payment.
This is possible because the lender contributes another 2% for the down payment, making a total down payment of 3%.
Since the homebuyer has 3% equity in the home, the property can be financed with a conventional mortgage, with the possibility of avoiding mortgage insurance while also getting a competitive interest rate.
Buying a home has never been easier. Introducing Conventional 1% Down with Equity boost.
Here’s how it works: You put down 1%, your lender contributes 2% for the down payment, giving you 3% equity in your home. Then, you finance the rest through conventional loan with the option to avoid monthly MI and still get a great rate. It’s an exciting new option for just about anyone looking to buy a home.
Marimark Mortgage is a mortgage broker serving all of Florida, Virginia, and Pennsylvania.
We specialize in conventional home mortgages, FHA, VA, and USDA mortgage options, refinance loans, and reverse mortgages. We’ve worked extensively with cash-out refinancing and help clients to lower their monthly mortgage payments.