Buying your dream home can feel out of reach - especially when saving for a down payment. But what if you could unlock homeownership with just 1% down? Well, you're in luck - with our 1% Down program from The Mortgage Firm, that’s exactly possible.
What Is the 1% Down Program?
The 1% Down Program is an affordable mortgage solution for primary residences in Florida. If you have a credit score of 620 or greater, earn 80% or less of the area median income, and are looking to finance a property up to $350,000, you may qualify. Here's what makes it so compelling:
- Only 1% down required—a fraction of what conventional loans demand.
- The lender supplies an additional 2% grant, which does not need to be repaid.
- No Private Mortgage Insurance (PMI)—saving you hundreds each month.
- No requirement to be a first‑time buyer—available to repeat buyers too.
- Must be an owner‑occupied, primary residence.
Who Qualifies?
To be eligible, you must meet the following criteria:
- Credit Score: Minimum 620.
- Income: At or below 80% of the median income in your area.
- Loan Amount: Up to $350,000 for a conventional mortgage.
- Primary Residence: Must be owner-occupied; not for investment or second homes.
- No PMI Required – the program waives this, unlike most low‑down mortgages.
How It Works
Here's a breakdown:
- Borrower’s Down Payment: 1% of purchase price
- Lender’s Grant: 2% of purchase price (forgivable)
- Total Upfront Equity: Effectively 3% equity at closing
- PMI: Not required
- Loan Cap: $350,000
This combination places you closer to equity from day one and helps reduce or eliminate monthly PMI payments—putting more money in your pocket.
Why It's a Game-Changer
- Lower Upfront Cost: A 1% down payment turns what used to be a big expense into a manageable amount.
- Immediate Equity: The 2% grant means you walk in with 3% equity.
- No PMI: Avoiding monthly insurance saves substantial money over time.
- Broad Accessibility: No first‑time buyer requirements—available to many repeat buyers.
- Quick Entry into the Market: Especially ideal for fast-moving housing markets, letting you compete sooner.
Things to Keep in Mind
- Credit and Income Caps: Must have a credit score ≥620 and meet the ≤80% AMI requirement.
- Max Loan Limit: $350,000—if your purchase price exceeds this, you'll need a different option.
- Still Need Funds for Closing Costs: The program addresses only the down payment, not other fees.
- Program Conditions: Terms can change; always check for current eligibility and availability.
Next Steps to Explore this Program
- Contact Team Tina to discuss program details and eligibility: (386) 756‑0301 or via the form below.
- Prepare documentation: credit report, income verification, and area median income data.
- Submit your loan application and receive guidance on the process and timing.
Frequently Asked Questions (FAQs)
1. What’s the minimum down payment required?
Only 1% of the purchase price—and you're next-level approved when combined with the lender's 2% grant.
2. Do I have to be a first-time homebuyer?
Nope. The program accepts both first-time and repeat buyers.
3. Is PMI required?
No—this program removes PMI entirely, saving you monthly insurance costs.
4. What's the maximum loan amount?
$350,000 for a conventional mortgage.
5. What credit score do I need?
At least 620.
6. What about income requirements?
Your income must be at or below 80% of your area’s median income.
7. Does the 2% grant need to be repaid?
No, it’s a forgivable grant, not a loan.
8. Is this for investment properties?
No—only for owner-occupied, primary residences.
9. What if my purchase exceeds $350K?
Contact Team Tina, and let us explore alternative loan programs that will fit your needs.
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We hope this article was of value to you. For more great tips, bookmark our site and for all
your mortgage needs, visit Team Tina at TMFFMS.
