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A 1% Down Payment home loan is a mortgage program where the borrower is required to contribute only 1% of the purchase price as a down payment. We provide financing for 99 percent of the home's cost.
A 1% Down Payment home loan is a type of mortgage program where the borrower is required to contribute only one percent of the purchase price as a down payment. At Austin Capital Mortgage we provide financing for 99 percent of the home's cost.
This type of loan program aims to make homeownership more accessible by reducing the upfront cash requirement for buyers. It can be particularly beneficial for first-time homebuyers or those who may not have significant savings for a larger down payment.
You can take advantage of a program that allows for a 1% down payment on a home purchase, coupled with a 2% grant that doesn't require repayment. Additionally, this program eliminates the need for mortgage insurance. However, there are specific criteria to meet:
Leverage your investment and take advantage of the equity your home has built for years.
Renovating your home
Paying down high-interest debt
Increase your financial security by refinancing to lower your monthly mortgage payment.
Increasing cash flow
Saving for retirement
Why wait when you can refinance into a shorter term and pay your mortgage off.
Reducing interest
Paying off mortgages faster
Got a question? We’re here to help.
A 1% Down Payment home loan is a mortgage program where the borrower must contribute only 1% of the purchase price as a down payment while the lender finances the remaining 99 percent.
This loan program makes homeownership more accessible by reducing the upfront cash requirement, making it particularly beneficial for first-time homebuyers or those with limited savings.
Availability may vary depending on lenders and financial institutions. It's recommended to research and compare different lenders to find those offering such loan programs.
Eligibility criteria may differ among lenders. Typically, factors like creditworthiness, income stability, and debt-to-income ratio are considered when assessing eligibility for this type of loan.
PMI requirements can vary, but with a low downpayment, borrowers may be required to pay PMI to protect the lender in case of default. It's important to clarify this with the lender.
The eligibility of the loan for different property types can vary. It's essential to check with the lender if the loan program applies to the property you intend to purchase.
Interest rates can vary depending on credit score, loan term, and market conditions. It's advisable to compare interest rates among different lenders to get the best possible rate.
The loan approval process duration can vary among lenders. Typically, it involves verifying your financial documents, conducting a credit check, and assessing the property. On average, it may take around 30-45 days, but this can vary.
Some downpayment assistance programs can be combined with a 1% Down Payment home loan. It's essential to research and consult with lenders to understand the available options in your area.
While a lower down payment can be beneficial, it's essential to consider the overall costs, including potential PMI and higher monthly payments. Ensuring the loan fits your financial situation and long-term goals is essential.
Serving Families Since 1996
We combine ethical lending practices, personalized service, and innovative solutions to redefine what it means to be a mortgage lender.
Phone
+1 512 891 0778
Email
loans@austincapitalmortgage.com
Address
3801 N Capital of Texas Hwy J-180, Austin, TX 78746, USA
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