Program Overview
Borrower 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 Requirements
To qualify for ONE+, you must meet all of the following:
Income: At or below 80% of your area's median income (AMI)
National Mortgage Professional
Credit 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 l
Total 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 Professional
The Mortgage Report
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