Buying a home is a significant milestone, but the financial hurdles can often seem daunting. One of the biggest challenges prospective homeowners face is saving for a down payment. But what if you could secure your dream home with just 1% down? Anchor Financial, a trusted financial institution in Memphis, is making this possible with their 1% Down Convention Loan.

What is a 1% Down Convention Loan?

The 1% Down Convention Loan is a mortgage program that requires only a 1% down payment from the borrower. The lender, in this case, Anchor Financial, contributes an additional 2% towards the down payment, making it a total of 3% down. This innovative approach helps alleviate the burden of a substantial upfront payment, making homeownership more attainable for aspiring homeowners.

Benefits of the 1% Down Convention Loan

The 1% Down Convention Loan offers several benefits. The most obvious is the lower upfront cost. With only 1% down, homeownership becomes more affordable and achievable. This loan allows borrowers to get into a house sooner by reaching the down-payment savings goal faster.

Eligibility Criteria

To qualify for the 1% Down Convention Loan, applicants must meet specific criteria. These include income requirements (at or below 80% of the Area Median Income), a minimum credit score of 620, and a maximum debt-to-income ratio.

Anchor Financial: Your Partner in Homeownership

Anchor Financial is committed to helping clients achieve their homeownership dreams. With their 1% Down Convention Loan, they are breaking down barriers and making homeownership a reality for more people. If you're considering buying a home, reach out to Anchor Financial to learn more about this innovative loan program and start your journey to homeownership today.