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With Millennial Home Loans quick online loan application, determining if you qualify for a ONE+ W/2% GRANT Program Loan and for how much, has never been easier.
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Millennial Home Loans, for a limited time only, is offering the One+ Conventional Loan program, which provides a 2% Down Payment Credit that can be applied toward the 3% down payment required on a traditional conventional mortgage loan up to $350,000. This means the effective down payment required on a 3% conventional loan will only be 1% from the borrower, with the remaining 2% coming from the lender. And unlike the standard 3% down conventional loan programs there is no mortgage insurance paid by the borrower.
ONE+ 2% Down Payment Credit Program offers the following benefits:
- 2% down payment credit from the lender, allowing a homebuyer to purchase a house with as little as a 1% down payment
- 2% Grant from the lender up to $7,000, with NO repayment requirement or silent second lien
- No Mortgage Insurance paid by the borrower
- No geographic restrictions
- The borrower can be a first-time homebuyer but isn’t required
ONE+ 2% Down Payment Credit Program Borrower Eligibility Requirements
- Area Median Income Requirements at 80% or less of the Area Median Income. If the subject property is in an underserved area the Area Median Income requirements are waived. Use the Fannie Mae Tool to determine Area Median Income and underserved areas
- Maximum loan amount of $350,000
- Maximum loan to value of 97%
- Minimum loan to value of 95%, which means the maximum purchase price can’t exceed $368,425 with a 5% down payment
- Must receive a DU Approval Eligible underwriting findings
- Minimum middle credit score of 620
- 3% maximum seller closing cost assist allowed
- Non-occupant co-signers are not allowed
- Manufactured homes permitted with 5% down payment (3% from the borrower and 2% from the lender)
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