The notion that you need a 20% down payment to purchase a home is gone! Rainbow Mortgage Inc. is excited to offer the conventional 1% down with equity boost loan program. It’s as easy as 1,2,3!
You provide 1% down.
The lender gives you an additional 2%.
Giving you a total of 3% down at closing!
What does 1% down look like? It could be the sum of your yearly gym dues. Maybe it’s one month’s rent, or a year’s worth of lattes. It could be the cost of a vacation or even a designer handbag. Saving for your home’s down payment is no longer a daunting task! You may be thinking that there is a catch, either it’s an adjustable rate mortgage (ARM) or you must buy points for a lower rate. This program is a 30-year fixed rate loan, with great low rates- which means no additional points due at closing! The loans also close fast and are available without monthly Mortgage Insurance.
“The 1% down program we’re making available to clients is a new alternative to the 3% down program that already exists,” said Dave Jamison, VP of Rainbow Mortgage Inc. “It’s a conventional loan designed for borrowers with strong FICO scores who want to save money on their down payment and maximize their monthly discretionary income.”
This conventional program is available to homebuyers with a minimum FICO score of 720 and a maximum debt-to-income ratio of 43%. Rainbow Mortgage Inc. is one of the few independent mortgage companies in Minnesota and the U.S. to offer a 1% down payment option in the form of a conventional loan, as opposed to a government backed loan.
Interested in learning more about Rainbow Mortgage Inc.’s conventional 1% down with equity boost program- give us a call!
Rainbow Mortgage Inc.
3300 Edinborough Way #550
Edina, MN 55435
NMLS# 345827 || 952-405-2090|| www.rainbowmortgageinc.com|| email@example.com
**Note: not all loans can close in 20 days or less. Other conditions may apply. Not everyone qualifies for the 3% down. Borrower contributes 1% down, lender contributes 2% of the loan amount up to $5000 for the down payment and the borrower is responsible for any difference to get the required 3% down. Call for terms and conditions.