Arizona 1% Down Conventional Loan Program
The Arizona 1% Down Conventional Loan Program is offered by United Wholesale Mortgage through it’s network of participating mortgage brokers who want to provide people with strong credit payment history more opportunities to enjoy the benefits of home ownership. This program helps overcome the lack of a down payment by providing a 2% equity boost.
The Conventional 1% Down Program is different from many of the other AZ down payment assistance programs because the assistance doesn’t come in the form of a grant, bond or second mortgage. It is a 2% contribution directly from the lender for your down payment.
Here is how it works: You put down 1%, the lender contributes 2%, giving you 3% equity at closing.
- 2% Equity Boost up to $8340 to use towards your down payment
- Conventional 30-year fixed program
- Great low rates
- Efficient loan processing helps you know you will close on time
- Available with no monthly mortgage insurance
How to Qualify:
- Qualify for a conventional loan program
- Minimum FICO score is 700
- Maximum DTI is 43%
The Arizona 1% Down Conventional Loan Program follows the guidelines of conventional loans offered by Fannie Mae and Freddie Mac. The maximum loan amount for this loan in Arizona is $417,000. You must meet the standard underwriting guidelines set forth by the lender. This includes demonstrating that you have the ability to repay the loan by documenting strong credit history, a two-year history of employment, stable income, and satisfactory debt to income ratios. You must have sufficient cash to close (remember, you only need to come up with one percent down).
Remember, most conventional loan programs require 5% down. However, you can obtain a conventional loan with 3% down through specific conventional loan programs designed to enhance affordable lending to creditworthy low to moderate income borrowers.