Make Homeownership a Reality with ONE+® Program

What is the ONE+ ® Program?

Are you dreaming of owning a home but struggling with the down payment? The ONE+® program can make homeownership more affordable by allowing you to put down as little as 1%. On top of that, we’ll cover an additional 2% of your down payment. This unique program is designed to help more people achieve the dream of homeownership, especially those with moderate incomes.

Benefits of the ONE+ ® Program

01

We Cover 2% of Your Down Payment

With your 1% down payment combined with the 2% grant from the ONE+ ® program, you effectively start with 3% equity in your new home. This reduces your overall loan amount and monthly mortgage payments, making homeownership more accessible.

02

30-Year Fixed Rate

The ONE+ ® program offers a 30-year fixed-rate mortgage, the most popular type of home loan due to its stability. With a fixed rate, your interest rate and monthly principal and interest payments remain the same throughout the life of the loan, providing predictability and peace of mind.

ONE+ ® Program Requirements

To qualify for the ONE+ ® program, you need to meet specific eligibility criteria:

01

Income Eligibility

The ONE+ ® program is designed to assist those with moderate incomes. To qualify, your income must be no more than 80% of the median income in the area where you’re buying a home. For example, if the area median income is $90,800, your income must not exceed $72,640.

02

Credit and Debt

A minimum credit score of 620 is required to qualify for the ONE+ ® program. Additionally, your debt-to-income (DTI) ratio should be less than 50%. This means that less than half of your monthly income should go towards paying debts.

03

Property Type

The ONE+ ® program is available for single-unit, primary residences only. This ensures that the program supports individuals and families purchasing their main home rather than investment properties or vacation homes.

04

Closing Costs

In addition to your down payment, you will need enough funds to cover closing costs. These costs include fees for processing and securing your loan, and they typically range from 3% to 6% of the purchase price.

How the ONE+ ® Program Works

Example Scenario

Let’s look at a sample loan scenario to illustrate how the ONE+ ® program works. Assume a purchase price of $250,000 with a 30-year fixed loan at an interest rate of 7%.

01

Your Down Payment:

1% of $250,000 = $2,500

02

Grant Provided:

2% of $250,000 = $5,000

03

Total Down Payment:

3% of $250,000 = $7,500

04

Monthly Principal and Interest Payment:

$1,613.36

Qualifying for ONE+ ® Program

To qualify for the ONE+ ® program, ensure you meet the following criteria:

01

Income Limit:

No more than 80% of the area median income

02

Credit Score:

Minimum qualifying FICO® Score of 620.

03

Primary Residence:

The property must be a single-unit primary residence.

04

Down Payment:

When combined with the 2% grant, your down payment can be no more than 5%.

05

Loan Limit:

Maximum loan amount of $350,000.

If you meet these criteria, the ONE+ ® program could be a perfect fit for making your homeownership dream a reality.

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Frequently Asked Questions about ONE+ ® Program

  • Is this really a 1% down option?

    Yes, the ONE+ ® program allows you to put down just 1% and benefit from a 2% grant, giving you 3% equity in your home right from the start.

  • Are temporary buydowns available for this product?

    Yes, temporary buydowns are allowed if they come from an eligible source, such as the builder, seller, or a real estate agent. This can effectively lower your interest rate for a year or more at the beginning of your loan term.

  • Are there other low down payment options if I don’t qualify for this program?

    Yes, if you don’t qualify for the ONE+ ® program, other low down payment options are available. For instance, first-time home buyers can put as little as 3% down on a conventional loan. Alternatively, FHA loans allow for a 3.5% down payment with a credit score of 580 or higher.

Making Homeownership More Affordable

We understand that the down payment is often the biggest obstacle to buying a home. The ONE+ ® program allows you to get a mortgage by putting down as little as 1%, combined with a 2% grant to start with 3% equity. This program is available nationwide for individuals and families who meet the income and credit requirements.

Take the Next Step

If you think you might qualify for the ONE+ ® program, apply now or contact us for more information. Even if you don’t qualify for ONE+, we may have other options that suit your needs. Use Forward Loans Mortgage Marketplace to assure yourself the best rates and access to make your homeownership dream a reality.

1 Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Forward Loans will cover an additional 2% of the client’s purchase price as a down payment, or $2,000. Maximum grant amount is $7,000. Offer valid on primary residence, conventional loan products only. Maximum loan amount of $350,000. Cost of mortgage insurance premium passed through to client effective January 2, 2024. Offer valid only for home buyers when qualifying income is less than or equal to 80% area median income based on county where property is located. Not available with any other discounts or promotions and cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. Forward Loans reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.

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