Get a Conventional Loan for 1% Down Through JR Mortgage Group JR Mortgage Group is excited to offer a loan program that allows its borrowers to purchase a home with a conventional loan and only put 1% down. This loan program helps make homeownership more affordable for borrowers who need it most. Here’s what you need to know about the loan program. Requirements To be eligible for the Conventional 1% Down loan product, borrowers must: Have a FICO score of 620 or higher Have an income at or below 50% of the AMI (Area Median Income) be purchasing a home $200k or less, else the down payment will be the down payment required, less $4,000 be using a 30-year conventional fixed loan with an LTV of 97% be using the loan to purchase their primary home Meeting these requirements can help borrowers take advantage of this fantastic loan program and achieve their dreams of homeownership. What is the program? The program pays the difference between the minimum down payment required on a conventional loan, 3%, and 1%, up to $4,000. Example If you purchase a home for $150,000, the down payment required is $4,500, you will pay $1,500 down and the program will cover the remaining $3,000 down payment required. If you purchase a home for $200,000, the down payment required is $6,000, you will pay $2,000 down and the program will cover the remaining $4,000 down payment required. If you purchase a home for $250,000, the down payment required is $7,500, you will pay $3,500 down and the program will cover $4,000, the maximum down payment it will cover. For Realtors The Conventional 1% Down loan product is an excellent way for realtors to close contracts with buyer that have limited funds or trouble affording a home on their own. By partnering with JR Mortgage with their clients, realtors can help make homeownership more accessible to borrowers who may have thought it was out of reach. This loan program is an excellent opportunity to attract new borrowers and strengthen relationships with those buyers who otherwise would not of been able to purchase a home. For Borrowers The Conventional 1% Down loan product is a game-changer for borrowers who thought they wouldn’t be able to purchase a home due to their current financial situation. Through the Conventional 1% Down program, borrowers can qualify with income at or below 50% of the Area Median Income (AMI). Additionally, the lower down payment requirement means that borrowers can reach their down-payment savings goal faster and get into a house sooner. With more money left over after the down payment, borrowers can also have more funds available for furniture, house repairs, and maintenance. JR Mortgage Group is committed to helping its clients achieve their goals of homeownership and always working to find creative solutions to make home ownership obtainable for everyone. If you’re interested in learning more about this loan product or any other products and services offered by JR Mortgage Group, contact us today. Our experienced team is ready to help you find the right loan product specific to your situation! JR Mortgage Group Wichita Kansas Click to Call or Text: (316) 247-9639 This entry has 0 replies Comments are closed.