Unlock Homeownership with Lock It Lending's 1% Down Program
Published on May 13, 2024 • Read Time: 2 min read
This program is expired
Please note, this article is archived as the Conventional 1% Down Program is no longer available.
Conventional 1% Down: Making Homeownership More Accessible
At Lock It Lending, we’re passionate about making homeownership accessible. That’s why we’re proud to offer an incredible opportunity for eligible buyers: the 1% Down Program. This program allows qualified homebuyers to put just 1% down, with lender contributing an additional 2% (up to $7,000) helping you secure a 3% total down payment toward your dream home.
Whether you’re a first-time buyer or someone looking for an affordable path to owning a home, our 1% Down Program is designed to help you save money and move in sooner.
What is the 1% Down Payment Assistance Program?
The 1% Down Program by Lock It Lending provides eligible homebuyers with a unique opportunity to put just 1% down on their new home. But that's not all, we cover an additional 2% up to $7,000, bringing the total down payment to 3%. This program is perfect for those who want to save money for other expenses like furniture, move-in costs, or unexpected fees.
Eligibility Guidelines
To qualify for this incredible program, you must meet the following criteria:
Income: Your income should be at or below 80% of the Area Median Income (AMI).
Purchase Type: This program is for purchase transactions only.
Loan-to-Value (LTV): The loan must have a 97% LTV; UWM will cover the lesser of 2% or up to $7,000 of the total 3% down payment.
Credit Score: A minimum FICO score of 620 is required.
Down Payment: The borrower is responsible for paying 1% of the down payment (or the remaining down payment needed if 2% exceeds $7,000).
Loan Limits: The program is available up to conforming loan limits.
Eligibility Check: Use LPA or DU to determine eligibility.
Program Guidelines: The program follows Home Possible® and HomeReady® guidelines.
Why Choose Lock It Lending's 1% Down Program?
Affordable Homeownership
With the 1% Down Program, you can own a home with a significantly lower upfront cost. This makes homeownership more accessible and affordable, allowing you to keep more money in your pocket for other essential expenses.
Financial Flexibility
By covering a substantial portion of the down payment, we give you the financial flexibility to focus on other important aspects of your move, such as furnishing your new home or covering moving expenses.
Expert Support
Our team at Lock It Lending is dedicated to guiding you through the homebuying process. We ensure that you understand every step and feel confident in your decision to become a homeowner.
Take the First Step Towards Homeownership
Don’t let the down payment be a barrier to your homeownership dreams. Contact Lock It Lending today to learn more about our 1% Down Program and how we can help you achieve your goal of owning a home. Our expert team is here to support you every step of the way.