There is a 1% down payment option for conventional loans.
This is a Fannie Mae Home Ready &/or Freddie Mac Home Possible conventional loan product.
How does this work?
As the lender, we contribute 2% of the purchase price up to a maximum of $7,000.
Minimum Credit Score: 620
Max DTI 49%
Income Limits: 80% of AMI (Area Medium Income) guidelines.
Maximum purchase price Conforming loan limits
Buyer needs to take a home buying course.
Framework (Fannie Mae Home Path class)
online link: http://www.frameworkhomeownership.org/get-started/homebuyer-education
$75 Online Class http://www.frameworkhomeownership.org/pricing
