Low Down Payment

1% Down Conventional Loan

With our exciting new 1% down conventional loan program, you can get into your next home with only 1% down and receive a free grant for the remaining 2% down payment.

How It Works

3 Easy Steps

2% Free Grant

You will receive a free lender funded down payment that is equal to 2% of the purchase price of your home. These funds do not have to be repaid.

No Upfront Funding Fee

Unlike other mortgages such as FHA and VA, there is no Upfront Mortgage Insurance Premium (funding fee) for this loan.

Competitive Rates

When compared to other down payment assistance programs, our 1% down conventional loan offers some of the most competitive rates and lowest fees.

Program Guidelines

Here are the main loan parameters for our 1% down conventional loan program.

Primary Occupancy

This program is only available for primary occupancy purchases only. No investment purchases.

Property Types

Only single family residences and condos are allowed under this program.

Credit Score

All borrowers must have a minimum FIFCO Score of 620 to qualify for this program.

Income Restriction

Borrower's income can not exceed 80% of the Area Median Income (see FAQs for more info).

All Buyers

Borrower does not need to be a first-time home buyer to qualify for the program.

Program FAQs

Answers to commonly asked questions about our 1% down conventional loan progam.

What is the max loan amount for this program?

The maximum loan amount for the 1% down conventional loan program is the same as the current conforming loan limit which is $806,500 as of 2025. The conforming loan limit changes from year to year.

How do I look up the Area Medium Income (AMI) for my area?

A free tool is available to look up the Area Medium Income for the area you plan to purchase a home in. You can access the tool by clicking here, and you can either enter a specific property address or just a zip code for where you are planning to purchase. Look for the line labeled "80% Area Median Income:" to determine what the 80% of the Area Medium Income is for that area. If you income is equal or less than this amount, you can qualify for the 1% down conventional loan program, assuming you meet the other basic program guidelines.

Are non occupying co-borrowers allowed?

We're sorry, but non-occupant co-borrowers are not permitted.

How does the free down payment assistance work?

Our 1% down conventional loan program will cover 2% of the 3% total down payment on your home, and you will be responsbible for the remaining 1% down payment. The 2% down payment does not have to be repaid. However, it is limited to $7,000 which means you can purchase a home for up to a $350,000 and only put 1% down. If you were to purchase a home for more than $350,000, you would be responsible for paying the full 3% down payment for any amount over $350,000.

For example, if you wanted to purchase a $450,000 home, you would be responsible for paying $3,500 (1%) for the first $350,000 and then $3,000 for the additional $100,000 for a total down payment of $6,500.

Interest Rate Quote!

We offer some of the lowest mortgage rates anywhere. Find out how low of a rate we can offer you with a custom rate quote. Only takes a minute!

Get a Rate Quote

Client Testimonials

I am happy to wholeheartedly recommend Shay Wright with Home Financing Direct! He answered all of my questions and gave quality mortgage lending advice to my family. I would absolutely use Shay’s services again and have no hesitation recommending him!

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I worked with Shay Wright to buy my first home and he was genuinely awesome. Shay was great at answering everything I asked and explaining to me how things worked. I shopped around a little for rates and these guys were able to provide me with the best ones.

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I recently refinanced with Home Financing Direct. The whole process was great! No surprises, great transparency, and a very simple process from start to finish. I was able to quickly secure a new home loan at an amazing rate! I would definitely work with them again.

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Shay has been excellent in working with me right from the beginning. I felt he didn’t look my refinance as another file but took personal interest in advising me the best route. He also locked me on excellent rate where corporate banks were about 0.6 percent higher.

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Very Professional, Shay Wright got me the best deal, I would highly recommend. I was stress free throughout the whole process and whenever I had a question he would respond right away. He is very knowledgeable and really knows what he is doing. I value his kindness, honesty, and hard work!

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Shay Wright worked with us to qualify for a mortgage, gave us a great rate and was helpful from start to finish. Shay was available to give guidance and to answer questions, even during evenings and on weekends. I highly recommend you consider working with Shay.

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We had a very positive experience with Home Financing Direct. Our representative, Shay Wright, was the best we could have asked for. He was very informative and helpful throughout the entire process. I’d highly recommend Shay to anyone looking for home financing.

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Had a great experience with Shay. He was always responsive and answered any questions I had. I was very happy with the process and got it done in my required timeline. All paperwork was submitted electronically using secure portals. All very professional and safe. I got a really good interest rate to boot.