With 801-APPROVE you can buy a home with as little as 1% down and also get a down payment gift of up to a 2% ($5,000 max). We are excited to offer a conventional 1% down payment purchase loan with a lender gift of up to $5,000 to go towards your down payment. What’s more, there’s NO monthly mortgage insurance! This loan is hands down the best purchase loan for anyone looking to buy a home in Utah with a minimal down payment. You don’t need to be a first-time homebuyer.
It’s simple. Here’s how it works:
1. You put down as little as 1%
2. You get up to a 2% down payment gift (max gift of $5,000)
3. You have 3% equity in your home at closing
Down payments are the biggest obstacle to homeownership. Most people can afford a mortgage payment. Coming up with a 3-5% down payment is the hard part. Your 1% down payment can be a gift from a family member, or come from your own funds. The seller can cover your closing costs up to 3% of the purchase price. So you can literally buy a home without any of your own money. You should never do an FHA loan when you can get a conventional loan with just 1% down and NO monthly mortgage insurance. Stop building your landlord’s equity and start building your own! You’ll get a 2% gift of equity ($5,000 max) to get you started.
Home purchase price: $250,000
Your 1% Down Payment = $2,500
Lender Down Payment Gift = $5,000
Mortgage Loan Amount: $242,500 (97% LTV)
Monthly Principal & Interest Payment: $1,193
Interest Rate/APR: 4.25%
Monthly Mortgage Insurance (PMI/MIP): None
Closing cost estimate:
$26 individual credit report, $32 joint (paid at application)
$1,154 total title company fees
= $1,660 Total closing costs
801-APPROVE has zero junk fees, so our closing costs are thousands less than other lenders who charge underwriting, processing, application and origination fees.
The best way to get pre-qualified and find out what you can afford as a max purchase price is to complete the “standard loan application” by clicking on the green “Easy Online Application” button at the top of page. Or you can call 801-APPROVE and one of our friendly loan officers will be happy to answer any questions you have and help you get pre-qualified for your new home in minutes.
First-time and repeat home buyers allowed. Max lender gift is $5,000. Max loan amount $424,100. Max purchase price $437,216. LTV of 97%. Loan amounts over $250,000 require up to 1.9% down from borrower. Minimum credit score of 720 required. Must be your primary residence and you cannot own any other real estate at the time of loan closing. Annual percentage rate (APR) as low as 4.25%. Rates and terms subject to change. Closing costs and monthly payment do not include homeowner’s insurance or property tax.