1% down purchase program is a very special loan program designed to help borrowers get into a home with just a 1% down payment.
1% down purchase is a perfect loan for first time buyers in central Ohio. Qualifying is based on income up to 80% of Area Median Income!
If you are a first-time buyer with strong credit and an income at or below 80% of the Area Median Income for your location, you may be a great candidate for this loan program. Instead of paying a 3% down payment upfront, the lender provides a grant to the borrower equal to the lesser of 2% of the purchase price of $7,000. This grant does not have to be paid back. There is no elimination period meaning that this is the borrower’s money from day 1.
Not every lender can offer this unique loan program. Instead of requiring a 3% down payment, the borrower is granted 2% of the purchase price up to $7,000
This program is ideal for someone starting out—someone with good credit and a stable income but without the time to save up a down payment.
Additionally, buyers can negotiate with the seller to contribute up to 6% of the purchase price toward prepaids and closing costs.
After a few years of making payments, when it’s time to refinance or move up to a larger home, the buyer can simply do so without the need to pay the grant back.
This program is designed to relieve some of the stress first-time buyers may feel about needing significant funds at the outset of their careers.
At Barrett Financial, we prioritize taking a complete application right from the start of the process. By gathering all necessary documentation upfront, we minimize the need to request additional information later, creating a smoother, faster, and less stressful experience for everyone involved.
We’ve been helping customers afford the home of their dreams for many years and we love what we do.
Company NMLS: 181106
Personal NMLS: 1599243
OH RM.804600.000
Ron Pero
81 E Mill St., Suite 300
Gahanna, OH 43230
Barrett Financial Group, L.L.C.
2701 East Insightway, Suite 150
Chandler, AZ 85286
Ronald Alvin Pero | NMLS #1599243 | Barrett Financial Group, L.L.C. | NMLS #181106
2701 East Insightway, Suite 150, Chandler, AZ 85286 | OH RM.804600.000 |
Equal Housing Opportunity This is not a commitment to lend. All loans are subject to credit approval. | NMLS Consumer Access Visit Barrett Financial Group’s Website
