Author: Jay Hurst, Co-Founder of Hurst Lending
One of the main advantages of a 1% down mortgage is that it allows you to become a homeowner with a lower upfront cost. This can be particularly beneficial for first-time homebuyers or individuals who have difficulty saving a significant amount of money. By requiring a smaller down payment, a 1% down mortgage can help you enter the housing market and become a homeowner sooner.
In addition, opting for a 1% down mortgage allows you to keep more of your savings available for other purposes. This can provide greater financial flexibility, allowing you to allocate funds towards other goals such as home improvements, emergency funds, or investments. For example, if you choose to purchase a home with a 1% down payment and your savings can be allocated towards renovations, you can potentially increase the value of your property, which can provide long-term financial benefits.
Our “Move in With Just 1% Down” program at Hurst Lending combines your 1% down payment with a 2% lender contribution. We also allow you to use gift funds for the entire down payment and this further reduces the amount you need to bring to closing. This provides financial flexibility for furniture, house repairs, and maintenance, ensuring a better homeownership experience.
To qualify for our program, borrowers must have a FICO score of 620 or higher, and our program is eligible for primary purchases only. Our experienced loan officers are available to answer any questions you may have and guide you through the application process.
We believe that everyone deserves the opportunity to own their own home, and our new program is designed to help make that a reality. Contact us today to learn more about our “Move in With Just 1% Down” program and how we can help you achieve your dream of homeownership.
It’s also important to note that while a 1% down mortgage can be a great option for some borrowers, it’s not the right choice for everyone. One thing to consider is that a smaller down payment can mean a higher monthly mortgage payment and potentially a longer repayment period. This is because the less money you put down upfront, the more you’ll need to borrow, and the longer it will take to pay off the loan.
In addition, a smaller down payment can also result in the need for private mortgage insurance (PMI). PMI is typically required for borrowers who put down less than 20% of the purchase price, and it can add to your monthly mortgage payment.
As a mortgage advisor, it’s our goal to help you make an informed decision that’s right for your unique financial situation. Our experienced loan officers can review your finances and guide you through the process of determining whether a 1% down mortgage is the right choice for you.
At Hurst Lending, we’re committed to providing our clients with flexible and affordable home financing solutions. We believe that homeownership should be accessible to everyone, and our “Move in With Just 1% Down” program is just one of the ways we’re working to make that a reality.
If you’re interested in learning more about our program or exploring your home financing options, don’t hesitate to contact us today. Our team is here to help you every step of the way.
About Jay Hurst
In addition to being one of the founders of Hurst Lending, I am also a financial planner. I have been helping our customers buy, sell, and refinance their homes since 2006. Our suite of industry-leading offers helps solve many common situations faced by homeowners and real estate investors. Have you ever experienced the frustration of trying to buy before you sell; Losing your dream home in a bidding war; Trying to obtain a No-Seasoning Cash-out loan; Being unable to get a mortgage because your new or old house needs modest repairs; or simply because you prefer using our funds to close quickly without having to liquidate other investments? Our Industry-leading suite of short-term loans solves these issues. We also offer a suite of real estate investor loan products and a full suite of conventional, VA, FHA, construction and traditional home loans.
Please feel free to contact me directly if I can help provide a loan for your next purchase or refinance, or even if you just want advice on how to get started or expand your real estate investing activities.
Co-Founder, Hurst Lending
*Disclaimer: This article is intended for informational purposes only and does not constitute legal, financial, or professional advice. Consult with a licensed professional before making any financial or real estate decisions.