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1% down to purchase a home with the lender giving you 2% down, tune in
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Didier Malagies에서 제공하는 콘텐츠입니다. 에피소드, 그래픽, 팟캐스트 설명을 포함한 모든 팟캐스트 콘텐츠는 Didier Malagies 또는 해당 팟캐스트 플랫폼 파트너가 직접 업로드하고 제공합니다. 누군가가 귀하의 허락 없이 귀하의 저작물을 사용하고 있다고 생각되는 경우 여기에 설명된 절차를 따르실 수 있습니다 https://ko.player.fm/legal.
Lender's 1% Down Payment program is designed to make homeownership more accessible for eligible first-time buyers by lowering the upfront costs typically required for a mortgage. Here's a breakdown of how the program generally works:
How It Works
1% Down from the Borrower: The borrower contributes just 1% of the home purchase price as a down payment.
2% Contribution from Lender: Lender covers an additional 2% of the down payment, allowing the borrower to start with a total of 3% equity in the home.
Eligibility: Borrowers must meet certain income and credit score requirements. The program often targets lower-income buyers or those who qualify for special financial assistance.
Key Features and Benefits
Low Entry Barrier: The reduced down payment can make homeownership achievable sooner for first-time buyers or those with limited savings.
Conventional Loan: The loan is structured as a conventional mortgage, which may help borrowers avoid some of the restrictions associated with government-backed loans like FHA loans.
Potential Mortgage Insurance: Depending on the loan details, borrowers may need to pay private mortgage insurance (PMI) until they reach 20% equity.
Other Considerations
Interest Rates: Rates and terms are subject to typical mortgage rate changes, so it's advisable to check the current rate before applying.
Credit Requirements: There may be a minimum credit score requirement, though this is typically more flexible than for standard conventional loans.
The 1% Down program can be an excellent option for buyers looking to make homeownership more affordable.
tune in and learn at https://www.ddamortgage.com/blog
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