This program now allows you to buy a home with just 1% down and no mortgage insurance required. This program supports the purchase of homes up to $350,000 with only $3,500 needed upfront, which can be covered through negotiations with the seller or gifted by family. It also applies to manufactured homes, requiring a 3% down payment for these types of properties. Open to buyers with credit scores as low as 620, this initiative makes homeownership more accessible and affordable.
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​Who Can Benefit?

✅Affordability: You only need 1% down, the program covers another 2%, providing you with instant home equity.

✅Flexibility: The program is available nationwide and applies to both first-time and repeat home buyers.

✅Accessibility: It caters to individuals earning less than 80% of the area median income—check the Fannie Mae lookup tool for specifics in your area.

✅Focused: The program is for single-unit primary residences only.


Additional Perks:

✔Equity from the Start: You start with 3% equity in your home thanks to the 2% grant.

✔Broad Qualification Criteria: A FICO® Score of 620 or higher is necessary.

✔Generous Loan Limits: You can borrow up to $350,000.

✔Low Down Payment: Even if you contribute up to 3% toward the down payment, the 2% grant still applies, but your total initial down payment cannot exceed 5%.


👉Common Questions:

Is it truly a 1% down program? Yes, and with the additional 2% grant, you effectively begin with 3% equity.

Can I use temporary buydowns? Yes, these are permissible if funded by the builder, seller, or a real estate agent, helping to lower your interest rate temporarily at the start of your loan.

If you don’t qualify for this program, other low down payment options might still be accessible, such as putting down as little as 3% on a conventional loan for first-time buyers or 3.5% down for an FHA loan if your credit score is 580 or better.

​This new option provides a practical path to homeownership with significantly reduced upfront costs, making it an exceptional opportunity for those looking to buy within a certain income bracket and credit score range.