Hero Mortgage Group — Pride · Integrity · Service
(561) 468-HERO Apply Now
Home / Programs / 1% Down Payment Conventional · Low Down Payment · Primary Residence

Buy A Home With As Little
As 1% Toward Your Down Payment.

Saving the down payment is the wall most buyers hit — not the monthly payment. Certain conventional programs let eligible buyers put down as little as 1%, with a participating lender contributing more toward the rest. It is not for everyone, and it is not guaranteed. Here is how it actually works.

See If You Qualify Speak To A Broker

What This Program Is.

A low-down-payment conventional mortgage. You bring as little as 1% of the purchase price. A participating lender may add a further contribution toward the required down payment. Together those funds satisfy the conventional down-payment requirement, and the rest is financed conventionally at up to 97% loan-to-value.

The practical effect is that you may be able to buy sooner, and keep more cash for moving costs, an emergency fund, or the work the house needs in year one.

One caveat up front. The lender contribution may be capped at a maximum dollar amount. On a higher-priced home, that cap means you may need to contribute more than 1% to reach the full required down payment. We show you that number for your price range before you get attached to a house.

How It Works.

  1. You contribute as little as 1% toward the purchase price.
  2. The participating lender may provide an additional contribution toward the required down payment.
  3. The combined funds satisfy the conventional down-payment requirement.
  4. We review your income, credit, assets and property location to determine eligibility.
  5. The loan goes through full underwriting and must receive final approval.

Who May Qualify.

This may be a fit if you:

  • Plan to purchase an eligible primary residence
  • Have qualifying income at or below 80% of the applicable Area Median Income
  • Have a qualifying credit score starting around 620, subject to current guidelines
  • Can document stable income, assets and employment
  • Meet conventional underwriting requirements
  • Have funds available for closing costs, prepaid expenses and any additional required contribution

First-time and repeat buyers may both be eligible where permitted by the applicable lender and agency requirements.

The 80% AMI Question.

This is the gate that decides most files. Area Median Income is set by county and updated periodically, and the threshold is measured on qualifying income. Plenty of working households sit under it without realizing. Plenty of others assume they are under it and are not. It takes about a minute to check against your actual address and income — no credit pull, no documents.

Where It Fits.

The 1% down structure is one door. It is not always the best one. Depending on your profession, state and service history, a VA loan at zero down, an FHA loan at 3.5%, or a state down-payment-assistance program may leave you in a stronger position. We model the ones you actually qualify for side by side and tell you which wins — including when the answer is not this one.

Income, credit, occupancy, property and underwriting requirements apply. Program availability and guidelines are set by participating lenders and are subject to change without notice. This is not a commitment to lend or extend credit. All loans are subject to application, documentation, underwriting and final approval.

Questions

The Ones People
Actually Ask.

Do I really only need 1% for the down payment?

You may be able to contribute as little as 1% of the purchase price, with a participating lender providing an additional contribution toward the required down payment. The lender contribution may be capped at a maximum dollar amount, so on higher-priced homes you may need to bring more than 1% to reach the total required down payment. We run your specific numbers before you rely on any of it.

What is the income limit for the 1% down program?

Qualifying income at or below 80% of the Area Median Income for your area. AMI varies by county and is updated periodically, so we check your specific address and income against the current figure rather than a rule of thumb.

What credit score do I need?

Qualifying scores generally start around 620, subject to current guidelines. Credit is only one factor. Income, assets, employment, occupancy and the property itself all have to fit as well.

Do I have to be a first-time buyer?

Not necessarily. The program can be available to first-time or repeat buyers when permitted by the applicable lender and agency requirements. Availability and guidelines vary, so this gets confirmed on your file.

Is the lender contribution something I pay back?

The lender contribution is applied toward the down payment on an eligible purchase. Terms, limits and availability are set by the participating lender and can change. We walk you through exactly how it is structured, and what it costs, on your Loan Estimate before you commit to anything.

One Conversation, No Documents

Find Out If You’re
Under The Line.

The 80% AMI threshold decides most of this, and it takes a minute to check. If you qualify, we show you the numbers. If you do not, we tell you which program does fit.

Check My Eligibility Call (561) 468-HERO