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Own Your Home Sooner with Just 1 Percent Down
Conventional 1 Percent Down Program
Saving for a down payment can be one of the biggest challenges in buying a home. With the Conventional 1 Percent Down Program, you can get into your new home faster and keep more of your savings for moving costs, upgrades, or an emergency fund.
You contribute just 1 percent of the purchase price as your down payment. We’ll add an extra 2 percent bringing your total down payment to 3 percent instantly. It is a smart way to make homeownership possible without draining your savings.
Key Points:
Purchase only
Conforming loan limits
Follows Home Possible and HomeReady Guidelines
Why Choose the 1% Down Program?
Instead of tying up your cash in a down payment, the 1% Down Program lets you keep more money in your pocket. That extra cushion can be used for moving expenses, furnishing your home, handling unexpected repairs, or simply maintaining financial peace of mind as a new homeowner you need them most.
Who Qualifies?
This program is designed to help buyers who meet specific requirements:
- Income at or below 80 percent of the Area Median Income (AMI) for the property location
- Minimum credit score of 620
- Loan-to-Value (LTV) ratio at 97 percent
- Purchase must be for a primary residence (no second homes or investment properties)
- Meets Fannie Mae HomeReady or Freddie Mac Home Possible guidelines
basic requirements
Primary Residence Only
This program is only available for homes you plan to live in as your primary residence. Second homes or investment properties do not qualify.
Conventional Limits
The home price must be within the current conforming loan limits set by Fannie Mae and Freddie Mac. These limits vary by county, so we’ll help confirm if your desired property qualifies.
Income limits
Depending on the area you’re buying in, there may be household income caps to ensure the program benefits those who need it most. We’ll help you determine if you fall within the allowable range.
*The principal, interest and MI payment on a $200,000 30-year Fixed-Rate Loan at 6.50% and 97% loan-to-value (LTV) is $1,324.14. The Annual Percentage Rate (APR) is 7.059% with estimated finance charges of $5,600. The principal and interest payments, which will continue for 360 months until paid in full, do not include taxes and home insurance premium, which will result in a higher actual monthly payment. Rates current as of 07/31/25. lender pays the lesser of 2% or $7,000 of the down payment. Borrower pays 1% of the down payment (or remaining down payment needed if 2% exceeds $7,000). Subject to borrower approval. Some exclusions may apply.
FAQ
Q: Do I have to repay Down Payment Assistance?
A: It depends on the program. Some DPA options are grants that never have to be repaid. Others are forgivable loans that only need to be repaid if you sell or refinance your home within a certain timeframe. Deferred loans may require repayment when you sell the home or pay off your mortgage.
Q: Who qualifies for Down Payment Assistance?
A: Eligibility varies by program, but many are designed for first-time homebuyers, low to moderate-income earners, or buyers purchasing in specific geographic areas. Most programs require a minimum credit score, steady income, and completion of a homebuyer education course.
Q: Can I qualify for Assistance if I’ve owned a home before?
A: Yes, many programs are open to previous homeowners, especially if you haven’t owned a home in the past 3 years. Some programs also have options for repeat buyers or buyers in specific communities or professions, like teachers, first responders, or veterans.
Q: How do I apply for a Down Payment Assistance program?
A: The first step is to speak with a participating lender like Premier Point Mortgage. We’ll evaluate your eligibility, recommend available programs, and guide you through the application process. Most programs require documentation like income verification, a homebuyer education course, and lender approval.
Let’s See What You Qualify For
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Legal Statements
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
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