1% Down Mortgage Loan
With rising costs and student debts that many people have, it is getting difficult for homebuyers to save up for a down payment to purchase a home. Until recently, buyers had to put down 3% to qualify for conventional financing, or they were stuck with 3.5% down FHA financing and their expensive monthly mortgage insurance if they only had a minimum down payment.
A new 1% down mortgage program is now available to all home buyers! This program allows home buyers to only bring 1% of the mortgage amount to the closing table. Only a select of mortgage companies have this program. With the gift of a 2% grant, the lender is helping solve financing challenges for first-time and move-up buyers. The 2% grant is completely forgivable. The grant does not even have to be repaid if the buyer moves or refinance. And unlike traditional down payment grants, these grants also have no silent second trust deed or interest accruing against them. Wright Mortgage is offering borrowers the opportunity to put down only 1%, with no upfront mortgage insurance premium and no life-of-loan mortgage insurance premium like with the FHA. There are median income limits and the maximum DTI ratio is 45%, which is standard. Here are some more highlights of this program:
A minimum credit score of 700
Purchase Transactions only(Single Family Properties)
Save on Monthly Mortgage Payments(Maximum Mortgage Insurance capped at 25% versus standard 35%.
No Reserves Required
Area Median Income Applies to this program
Home Buyer Education Required for First Time Homebuyers(Free when using Freddie Mac’s Credit Smart)
Don't Wait! Find out about your options Today!
Our Happy Clients
"I wanted to let you know how impressed I was with the job everyone did at your company. I have refinanced several times in the past and usually pick the company that has the lowest rates. Of course I did the same when I chose your company. However, this time I received great service to go with the low rate."
"I just wanted to thank you for constantly following up with me. The last time I refinanced it seemed as if I always had to follow up with the mortgage company. Thanks for staying on top of everything and keeping things moving forward."
"Your company was so much more professional then the last mortgage company I used. Every question I asked was answered honestly and accurately. I would recommend you to anyone."