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1% Home Loan Program
Homeownership just got 2% easier! Borrowers can now buy a home with as little as a 1% down payment. They’ll contribute a 1% down payment, and Preferred Rate will provide a 2% grant (not to exceed $4,500), providing them an automatic 3% equity in your home at closing.
Customers who qualify for this program may contribute up to a 3% down payment and still receive the 2% lender grant from Preferred Rate. They don’t have to be a first-time homebuyer to qualify. There are no location restrictions.
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Product highlights
- 1% minimum borrower down payment
- 2% lender grant up to $4,500 - issued from APM
- 620 minimum credit score
- Loan amount cannot exceed $275,000
- Income must be within 80% of Area Median Income
- Primary residence only
- Single-family, condo, townhome, PUD, and manufactured homes eligible
- New construction allowed
- First-time and repeat buyers eligible
- No prepayment penalty
Borrower advantages
- Available for first-time and repeat homebuyers
- Allows more options for buyers in home search due to reduced cash needed to close
- May be combined with other DPA programs
- Owner-occupied purchase loans only
- Single-family, condo, PUD & manufactured homes allowed
Realtor advantages
- Assist underserved communities in building wealth and becoming homeowners over the long term
- Help clients get into a home now instead of waiting
- Buyers contribute 1% and Preferred Rate provides a 2% grant - giving them 3% equity
Frequently asked questions
With short and easy to understand answers.
Couldn’t find your answer?
[email protected]What is the 1% Home program?
The 1% Home program allows buyers to purchase a home with as little as 1% down, with Preferred Rate contributing additional funds to help reach the required down payment.
Who qualifies for 1% Home?
Both first-time and repeat buyers may be eligible, provided income and loan limits are met.
Is there a catch?
No — this is a real down payment assistance option, not a gimmick. There’s no repayment required for the assistance portion.
What types of homes are allowed?
Primary residences only, including single-family homes and certain other property types based on guidelines.
Why buyers love it?
Lower upfront costs = easier entry into homeownership without waiting years to save.
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