Buying a home in sunny Florida is easier with our 1% Down Mortgage Program. From Miami to Tampa and Orlando, this program is designed to make homeownership accessible with low upfront costs and lender-supported equity.
A 1% down mortgage is a unique home loan program designed to help borrowers achieve homeownership with just a 1% down payment. These programs are aimed at making homeownership more accessible for individuals with moderate incomes who may struggle to save for a traditional down payment.
Disclaimer: Advertised rates and fees depend on borrower qualifications and market fluctuations.
With a 1% down mortgage in Florida, the borrower contributes 1% of the home’s purchase price as a down payment. The lender typically contributes an additional 2% as a grant or assistance, effectively providing the borrower with 3% equity in the home at closing. This meets the minimum down payment requirement for certain loan programs.
For example:
At Simply Approved Mortgages, we operate with a 1.5% fee, significantly below the industry standard. This ensures more savings for borrowers without compromising service quality.
Disclaimer: Simply Approved Mortgages complies with all state and federal licensing requirements that we are licensed in.
To qualify for a 1% down mortgage, borrowers must meet specific requirements:
Income Limits:
Credit Score:
Loan Type:
First-Time Homebuyer Status:
Primary Residence:
Minimal Upfront Costs:
Lender Contribution:
Enter Competitive Markets:
Tailored for Moderate Incomes:
While 1% down mortgages have significant advantages, there are some considerations:
Mortgage Insurance:
Borrowers may be required to pay private mortgage insurance (PMI) until they reach 20% equity in the home.
Income Restrictions:
Strict income limits may exclude higher-income borrowers.
Limited Availability:
Not all lenders offer 1% down mortgage programs, and they may only be available in certain regions.
Property Restrictions:
Only single-family homes, condos, or townhomes used as primary residences may qualify.
First-Time Homebuyer:
A couple earning 75% of their area’s median income qualifies for a 1% down mortgage, allowing them to purchase their first home with just a $2,500 down payment on a $250,000 home.
Moderate-Income Borrower:
A single professional earning 80% of the AMI secures a 1% down mortgage, reducing upfront costs and entering the housing market earlier.
At Simply Approved Mortgages, we offer a wide range of mortgage products tailored to meet your needs:
👉 Explore these options today and find the perfect mortgage solution for your needs!
With our industry-leading 1.5% fee, compared to the standard 2.75%, we save you thousands while offering competitive rates tailored to your needs. Learn More.
Our team of seasoned professionals is dedicated to simplifying the mortgage process, providing personalized solutions, and ensuring you feel confident every step of the way.
We prioritize honesty and clarity. From disclosing every detail upfront to ensuring no hidden surprises, we build trust through our commitment to your financial success.
This program is designed for borrowers earning 80% or less of the area median income (AMI) and with a credit score of 620 or higher.
Absolutely! It’s available in all Florida regions, including Miami, Tampa, and Orlando.
No, availability varies by lender and region. Check with local lenders or Simply Approved Mortgages to see if this program is offered in your area.
No, these programs are only available for primary residences.
The lender contributes 2% of the home’s purchase price as a grant, which does not need to be repaid, to meet the minimum 3% equity requirement.
Yes, PMI is typically required until the borrower reaches 20% equity in the home.
Yes, in many cases, you can combine this program with local down payment assistance programs to maximize savings.
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
In today’s fluctuating economy, Canadian homeowners are increasingly looking at refinancing their mortgages
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