Program OverviewBorrower Contribution: You pay 1% of the purchase price as the down payment.Lender provides a 2% grant, bringing your total to 3% down, which is the typical minimum for conventional loans. For example, on a $250,000 home:You pay $2,500 (1%)Lender adds $5,000 (2%)You start owning 3% equity from day one Eligibility RequirementsTo qualify for ONE+, you must meet all of the following:Income: At or below 80% of your area's median income (AMI) National Mortgage ProfessionalCredit Score: Minimum FICO® score of 620 Property Type: Must be a single-unit primary residence (no second homes or investments) Loan Limit: Loan amount must be $350,000 or lTotal Down Payment: With their 2% grant included, your total down payment cannot exceed 5% Mortgage Insurance (PMI)Despite the grant taking you to 3% equity, the program does require mortgage insurance (PMI). National Mortgage ProfessionalThe Mortgage Reporttune in and learn https://www.ddamortgage.com/blogdidier malagies nmls#212566dda mortgage nmls#324329 Support the show

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