Recently our biggest wholesale lender, United Wholesale Mortgage (UWM), announced that they are allowing Indigo Mortgage to offer a 1% down payment for mortgages for first-time home buyers. This is a huge win if you’re looking to purchase your first home in Albuquerque, Rio Rancho, or across New Mexico!
The program requires a 3% down payment but UWM will grant the borrowers the additional 2%. This means a borrower can now get into a home for as little as 1% down of the purchase price, up to a limit of $4000.00 for a $400,000 home.
There are some requirements that the borrower has to meet, such as maximum income limits, a credit score above 620, and the program does not allow the purchase of a manufactured home.
This 1% down program also allows for lower rates so the borrower can more easily afford the monthly payments. This 1% down payment is only offered by UWM so not every lender has access to it.
This is a great opportunity for first time home buyers to take the edge off the current mortgage interest rates and money required for down payments. Remember that the borrower still has closing costs so borrowers will need to account for those.
If you or a family member is interested in this best mortgage rate, call to set an appointment with us at Indigo Mortgage in Albuquerque. We can make a plan and do an evaluation to see if the borrower will qualify for the 1% down and exactly what funds will be required at closing. We’ll also help you get pre-approved so you are ready to make an offer when you find your perfect home.