Roseville, CA — November 1, 2023 — American Pacific Mortgage (APM) has announced the launch of its 1% Home program, allowing qualified homebuyers to purchase a home with a down payment as low as 1%.
The 1% Home program furthers APM’s commitment to providing lending and financing solutions for underserved communities, including people who fall below the area’s median income. This program opens doors to make homeownership more accessible for qualified buyers who face the challenge of saving for a down payment.
The 1% Home program permits homebuyers to contribute a 1% down payment, and APM will provide a 2% grant (not to exceed $4,500), for a total of 3% down payment between the borrower and the lender. This gives the buyer 3% equity in their home at the time of closing.
Those who qualify for the 1% Home program may contribute more than 1% (up to a 3% down payment) and still be eligible to receive the 2% lender grant from APM (not to exceed $4,500). This program is open to first-time and repeat homebuyers with a loan amount cap of $275,000 and no location restrictions.
To view full details about 1% Home and its qualifications and conditions, click here.