Is there a lender with a 1% down payment program available?

If you wanted to buy a property in a rural area, then you could use USDA financing and put down as little as 0%. Also if you are a Veteran, you could be eligible for VA loan financing, which also allows for 0% down. FHA's minimum is 3.5% down and Conventional requires a minimum 3% down. Those are the primary 4 types of loans out there in the marketplace.Although there are lenders that offer non-traditional (commonly known as Non-QM loans), most of these loan programs require at least 10% down or more to qualify. Because of the extra risk of not having insurance backing from one of the GSE's like Fannie Mae, Freddie Mac, or HUD - These loans also usually always carry higher interest rates. If you don't qualify for USDA, VA or even the Conventional 3% option - Then what many people do is explore the possibility of getting a GIFT of funds from a relative. Would you have anyone that is related to you by blood or marriage that would be willing to help you with all or a portion of the down payment? If so, this could be the answer to getting into a home for less out of pocket initially, because those gift funds can be used towards qualifying immediately and do not have to "season" by sitting in a bank account for 60 days or more.Although I do not originate loans in Arizona personally, if you have any questions about your situation that I could advise on, please feel free to email me back at dyoungs@progressivels.com or call me at 866-680-2840 Ext 12. Thanks!

The short answer is yes.. We do USDA loans, and they are 100% financing.. but the home you buy must be in a USDA defined area.. (I can assist in showing you where).. If you have VA benefits available to you, I can do a VA loan which is also 100% financing.. If you don't qualify for either of these programs, then I'm also very versed in the state of Arizona grant programs which will "Gift" you up to 10% of the down payment.. And even if you do qualify for VA or USDA, you can still use the grant program... I'd be happy to look at your complete loan profile and advise you on which program would be best for you, so give me a call.. I'm a preferred Lender with Arizona and California being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893