NMLS #2432735
Lending Solutions for Business Success
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Benefits
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2% forgivable grant included - totaling to a 3% down payment!
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FREE mortgage insurance
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Fast close – 21 days from contract to keys
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Available to ALL Buyers - Not just First-Timers!
Eligilibity
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Minimum 1% down payment
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$350,000 Maximum Loan Amount
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Minimum credit score of 620
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80% Area Median Income Limit
What is a 1% Down Payment Loan?
The 1% Down Payment Loan is a exclusive opportunity that enables qualifying borrowers to make a minimal contribution of only 1% of the total loan amount as their down payment. For instance, if you’re buying a $300,000 home, your down payment would be just $3,000.
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This low down payment option is a game-changer, making homeownership more accessible to individuals who may not have significant savings but are financially responsible and able to afford a mortgage.
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How Does the 1% Down Payment Loan Work?
The 1% Down Payment Loan works by combining your 1% down payment with a 2% grant, giving you a combined 3% down payment. This grant is forgivable, meaning you don’t have to repay it, and it essentially covers the additional down payment usually required.
Key Benefits of the 1% Down Payment Loan
Eligibility Requirements for the 1% Down Payment Loan
The 1% Down Payment Loan offers several advantages:
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Low Down Payment: The program allows you to enter the housing market with a minimal upfront cost, conserving your savings for other expenses or investments.
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No Mortgage Insurance: With this loan, there’s no need to pay mortgage insurance, typically required for loans with a down payment of less than 20%.
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Accessible to All: The program is available to ALL buyers, not just first-time homebuyers. This widens the scope of who can benefit from this innovative loan option.
To qualify for the 1% Down Payment Loan, you must meet the following requirements:
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Down Payment: You must be able to bring in a minimum of 1% down payment on your own. Gift funds or down payment assistance programs may be used to cover this requirement.
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Credit Score: A minimum credit score of 620 is required.
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Income Limit: Your income must meet certain guidelines based on the area median income (AMI) in your location. This specific income limit may vary depending on where you plan to purchase your home.
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Residency: The 1% down payment option is only available for primary residences. It is not applicable for investment properties or vacation homes.
1% Down Payment Loan Program Guideslines
Arigato Capital Lending’s 1% Down Payment Loan program guidelines are designed to make homeownership more attainable for eligible borrowers. With a minimum 1% down payment and a 2% forgivable grant, this program makes it easier to secure a mortgage loan. Here are the key guidelines of the program:
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Minimum 1% Down Payment
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No Mortgage Insurance Required
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Buyers can bring in up to 2.99% Down
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Available to ALL Buyers – Not just First-Timers!
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620 Minimum Credit Score
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$350,000 Maximum Loan Amount
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80% Area Median Income Limit
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Closing Timeline = 21 Days
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1 Unit Only
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Primary Residence Only
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Conforming Loans Only
Frequently Asked Questions
Is the program available to all Buyers?
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Yes, the 1% Down Payment Loan is not exclusive to first-time homebuyers. It’s available to ALL buyers who meet the eligibility criteria.
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Is Mortgage Insurance required for the 1% Down Payment Loan?
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No, one of the significant advantages of the 1% Down Payment Mortgage Loan is that it does not require the buyer to pay mortgage insurance, a cost typically associated with loans with a down payment of less than 20%​.
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Can I use gift funds or down
payment assistance programs to cover the 1% down payment?
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Yes, gift funds from a relative or an eligible down payment assistance program can be used to cover the 1% down payment requirement​.
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Can I use the 1% Down Payment Loan for investment properties or vacation homes?
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No, the 1% Down Payment Loan is only available for primary residences. It is not applicable for investment properties or vacation homes​.
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Take the Next Step with ARIGATO CAPITAL
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Join over a million happy customers!
Affordable Homeownership
We believe that our 1% down payment program makes homeownership more accessible and affordable. By requiring only a minimal down payment, this program reduces the upfront financial burden, making it easier for individuals and families to transition from renting to owning a home. We aim to empower individuals and families to achieve their dream of homeownership by providing a pathway that is more attainable and financially feasible.
Competitive Interest Rates
We ensure that borrowers not only benefit from a reduced down payment but also secure favorable terms and interest rates that align with their financial goals. By combining a low down payment with competitive rates, we enhance the affordability of homeownership and make it more accessible to individuals and families.
Expert Guidance
Our experienced team of mortgage professionals will assist you in understanding the program, qualifying for it, and navigating the application and approval process. We ensure that you have the necessary information and support to make informed decisions and successfully secure a mortgage with a minimal down payment.
CONTACT US TODAY!
Contact Arigato Capital if you have questions or would like to better understand their specific requirements for the 1% Down Payment Loan Program.