1% Down Payments in Weatherford, TX, Pure Funding!

1% Down Mortgage Loans through Pure Funding: A New Way to Buy a Home

Saving up for a down payment is a major obstacle for many people who want to buy a home. But there is a new option that could make it easier to get into a home: 1% down mortgage loans.

These loans allow borrowers to put down just 1% of the purchase price of a home, the lender then will gift the additional 2% down to help qualify for the conventional loan, which can be a huge savings. A big advantage to this gift is that it is not required to be paid back, so, essentially you are getting free money/equity the day your close on your new home.

One of the biggest advantages to this 1% down payment is that you will NOT have to pay private mortgage insurance (PMI). PMI is a type of insurance that protects the lender if you default on your loan. PMI can add hundreds of dollars to your monthly mortgage payment. This money will stay in your pocket!

1% down payment mortgage loans can be a great option for people who are struggling to save for a down payment. If you are considering a 1% down mortgage loan, be sure to do your research and understand the terms and conditions before you apply.

Here are some of the key things to keep in mind about 1% down mortgage loans:

  • Your income cannot exceed 80% of the area median income for your county. Here is a link to see what the income numbers are for your county: Fannie Mae AMI Lookup Tool

  • You will need to have a good credit score, typically at least 620.

  • You will NOT pay PMI, which can add hundreds of dollars to your monthly payment

  • You will need to meet certain debt-to-income requirements.

  • You will need to pay closing costs, however, you and your Realtor may negotiate seller concessions to cover these costs!

  • Maximum loan amount of $350,000.

If you are considering a 1% down mortgage loan, it is important to contact your Pure Funding loan advisor to find the best deal for you. We can help get you pre approved and shopping for your new home.

This loan can be for any state we are licensed in currently, including Texas, Oklahoma, California, and Tennessee.