Thanks to a unique home loan program that helps facilitate homeownership for low down payment borrowers, real estate professionals can expand their business. Quicken Loans has partnered with Freddie Mac on a new loan option that allows your well-qualified buyers to purchase a home with just 1 percent down and still start off with 3 percent equity.
There’s no doubt that a down payment on a new home can feel like a lot of money, especially when you factor in all the other costs associated with buying a home. As an agent, you want what’s best for your client and so does Quicken Loans. Stress of a large down payment shouldn’t prevent your client from buying a home, and now it doesn’t have to.
Quicken Loans has partnered with Freddie Mac on a new loan option that allows your well-qualified buyers to purchase a home with just 1 percent down and start off with 3 percent equity. This includes both single-family residences and condos.
“It’s one of the many innovative things we’re doing for homebuyers right now,” says Quicken Loans Conventional Product Manager Justin Herring. “People don’t realize you can literally buy a $150,000 house with as little as $1,500 in the bank. I tell my friends who are renting that it’s basically like putting down a security deposit and first month’s rent on an apartment, but instead of paying someone else rent that you’ll never get back, you’ll own a home you love and start building equity.”
“We’re excited to partner with Quicken Loans to provide a responsible option to make homeownership a possibility for more of your clients,” says Freddie Mac Senior Vice President Chris Boyle.
This loan option is a great choice for your clients with a FICO score above 680 who are looking for a primary residence. “There are a number of rules as to who is eligible, so the best way to see if your clients qualify would be to have them speak to a Home Loan Expert,” Herring adds.
With the 1 percent down payment program:
- Conventional appraisal and underwriting requirements apply.
- Minimum FICO score of 680 is required; primary residences only.
- Stable monthly mortgage payments with fixed rates are offered.
- Both first-time homebuyers and move-up buyers may qualify.
- Monthly mortgage insurance payments are reduced.
- Single-family residences (SFR) and condos are included.
“Our 1 percent down payment program is perfect for clients who credit-qualify for conventional financing, but prefer to keep some additional cash in their pocket after closing for any unexpected expenses that might arise,” says Herring.
For more information, please visit http://www.quickenloans.com.
