One Percent Down Mortgage
Many home-buyers, especially first-time buyers, don’t have a large down-payment saved. If you are dreaming of owning a home but don’t have the nest-egg for a large down payment, now there is a solution.
Hurst Lending & Insurance has introduced the 1% Down Payment Home Loan with Equity Boost. You can get a conventional, 30-year fixed rate loan with just 1% down. The lender contributes a 2% “Equity Boost”, giving you 3% equity in your new home at closing.
You can also opt to avoid monthly mortgage insurance premiums, which are normally necessary when putting down less than a 20% down-payment. With the 1% down payment loan program, your mortgage insurance can be paid by the lender on your behalf.
The closing process is standard; 1% down payment loans generally close within 30 days, just like other conventional loans. Best of all, rates on the 1% down payment loan are competitive, generally averaging about .5 point higher than a standard 30 year fixed rate mortgage.
Let us help you start settling into your new home – contact us today.
Note: The 1% Down Payment program may not be available in all areas or to all borrowers. Contact us for details.