Mortgage Blog

Unlock Your Dream Home in the Poconos with Mountain Mortgage's 1% Down Program!

Are you eyeing the tranquil beauty of the Pocono Mountains for your next home sweet home? With Mountain Mortgage's 1% down program, owning a slice of paradise is closer than you think! Say goodbye to daunting down payments and hello to your dream home with as little as 1% down and a 2% grant from Mountain Mortgage.

Search Homes in the Poconos That Qualify for 1% Down

Benefits of 1% Down by Mountain Mortgage:

1. Minimal Down Payment, Maximum Opportunity

Imagine stepping into your new home with just 1% down, backed by a generous 2% grant. With this program, you'll enter homeownership with 3% equity, making your dream of living in the Poconos a reality.

2. Available Nationwide for All Buyers

Whether you're a first-time homebuyer or a seasoned homeowner, the 1% down program is designed to accommodate your needs. There are no location restrictions, so you can make the Poconos your new home, no matter where you're coming from.

Supercharge Your Savings

Tired of hefty down payments holding you back? Mountain Mortgage's acces to a 1% down program empowers you to start your homeownership journey with just 1% down.

Get Started Today

But before you take the plunge, let's walk through a sample scenario. Consider a $250,000 home purchase with a 30-year fixed loan at 7% interest:

• You contribute $2,500 as a down payment (1% of $250,000).
• Mountain Mortgage grants you an additional 2%, totaling $5,000.
• Your monthly principal and interest payment amounts to $1,613.36.

Qualifying for 1% Down by Mountain Mortgage

To ensure eligibility, here are some key requirements:

• Your income must not exceed 80% of the median in your area.
• A FICO® Score of 620 or higher is necessary.
• The program is for single-unit & multi-family primary residences.
• When combined with the 2% grant, your initial down payment cannot exceed 5%.
• Loans are capped at $350,000.

Frequently Asked Questions About 1% Down

Let's address a few common queries:

• Is this truly a 1% down option? Yes, with the added benefit of starting with 3% equity thanks to a 2% grant.
• Are temporary buydowns available? Yes, under specific circumstances and from eligible sources like builders or sellers.
• What if I don't qualify for this program? Explore other low down payment options, such as 3% down for first-time homebuyers or 3.5% down for FHA loans.

The Bottom Line

The 1% down program is your ticket to homeownership in the stunning Pocono Mountains. With just 1% down and a 2% grant, you can turn your dream of living amidst nature's beauty into reality. Apply Now or call our Home Loan Experts at 484-469-5070 to take the first step toward your dream home!

Search Homes in the Poconos That Qualify for 1% Down

1 Client will be required to pay a 1% down payment, with the ability to pay a maximum of 3%, and Rocket Mortgage 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. Rocket Mortgage reserves the right to cancel/modify this offer at any time. Additional restrictions/conditions may apply.