Gallup Mortgages offers a 1% down conventional loan with a 2% grant covering part of the down payment. The program has income eligibility requirements and is designed to make homebuying more accessible for qualified borrowers.
What if you get a 1% down conventional loan? Yeah, that's right. If we Gallup Mortgages, we have a proprietary program that's pretty special. So this is based on a 3% down conventional loan where we cover 2% of the down payment with a grant non repayable. You don't pay it back. It is money with no strings attached. It does tap out at $4,000. Once you hit a $200,000 house, that 2% stops. But still you got up to $4,000 to help take a big dent out of your down payment. The best part about this is it's not labeled a normal down payment assistance program where you take a big penalty and the interest rates way higher. It's still a normal convent with normal good conventional loan interest rates. And the only little catch, a little add on thing to keep in mind is it is income based, but it's pretty lenient. It's 80% of the area median income. You can't make more than that. So for most of the country, that's 60 to $90,000 annual salary. Still makes it very usable for most homebuyers. 1% down to digital McAllen mortgages today.
