Derek McGowanLoan Officer / Owner, McGowan Mortgages · Branch Manager & Top-Ranked Mortgage Advisor

Conventional 1% down Home Loan #homeloans #homebuyer #interestrates #firsttimehomebuyer

14 Apr 2023

Watch on YouTube

This is a YouTube video titled "Conventional 1% down Home Loan #homeloans #homebuyer #interestrates #firsttimehomebuyer" containing a single-speaker explanation about a new 1% down conventional loan program, detailing eligibility criteria such as credit score, loan amount, and income limits. The content is informational and focused on home loan options.

We've just rolled out a 1% down conventional loan program. Here's how it works. This is based on a primary residence 620 plus credit score. Loan amounts up to $200,000. Now this is an income based program. So for most of the country, the county's area median income is about $100,000. This cannot exceed 50%. So the person on the loan can't make more than $50,000. If that's the case, they can get a 1% down conventional loan from a gallon mortgages today.