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1% Down Payment Mortgage

1% down payment mortgage

We have a new and exciting Conventional loan program that is great for those who have been underserved in this current market.

  • 1% Down Payment
  • You do NOT have to be a first time homebuyer
  • This program is available for a limited time, so act fast!

To take advantage of this low-down payment loan option, you must meet several requirements, including:

  • Making less than 80% of the median income in the area where you’re looking to buy.
  • A credit score of 620 or higher.
  • Purchasing a single-unit primary residence.

Both first-time and repeat homebuyers can qualify and we lend in Arkansas, Colorado and Florida.

“We know that there’s a lack of supply in this country,” said Tamala Stewart, President of New Season Mortgage. “This helps a large community of potential homeowners get a leg up in a market that’s already fairly competitive. We think this will particularly help our teachers, police officers, firefighters, and so many others who have not been able to save the full 3% – 20% down payment.”

Let's take a look at how the 1% down payment loan compares to the 2 most common low down payment loans we offer.

In this example, we used a purchase price of $350,000 and the minimum down payment each program requires.

HomeReady requires a 3% down payment and FHA requires 3.5%. We priced them all out using today’s (Jan. 12, 2024) interest rate, a 740 credit score, and a DTI of 45%. They are all used for a single family purchase of a primary home. 

The interest rate and APR are much less as well as the monthly payment (principal and interest only) with the 1% Down Payment loan. The down payment is only $3,500, where the other two are much higher.  You are also allowed to receive the sellers help with closing costs.

Ready to find out more? Give us a call or apply online now!


The Borrower is required to pay a 1% down payment and the lender will cover an additional 2% of the client’s purchase price as a down payment. This means that you enter the home with a total of 3% equity. This offer is only available on conventional purchase loans, Primary residence. Cost of mortgage insurance premium is not passed through to client. 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. In most of Benton and Washington county AR the maximum income is $73,920. But we can use just one of the borrowers income if they are married. Offer cannot be retroactively applied to previously closed loans or loans that have a locked rate. This is not a commitment to lend. We reserve the right to cancel this offer at any time. Acceptance of this offer constitutes the acceptance of these terms and conditions, which are subject to change at the sole discretion of the lender. Additional restrictions/conditions may apply. Rates were quoted January 12, 2024 9am CT.

Today’s purchase rates are based on the purchase of a single-family, primary residence in AR. This rate assumes a credit score of 750, the DTI is 45% and assumes the loan will have an escrow account. 

General Disclosures

The payment amount does not include homeowners’ insurance, flood insurance (if applicable), or property taxes that must be paid in addition to your loan payment.

The displayed Annual Percentage Rate (APR) is a measure of the cost to borrow money expressed as a yearly percentage. For mortgage loans, it includes the interest rate plus other charges or fees (such as mortgage insurance, discount points, and origination charges). When shopping for a mortgage, you can use the APR to compare the costs of similar loans between lenders. We based the mortgage interest rates shown on a 30-day rate lock period. These mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual credit score. Your loan’s interest rate will depend upon the specific characteristics of your loan transaction and your credit history up to the time of closing.

The estimated total closing costs above do not constitute and are not a substitute for a loan estimate, which includes an estimate of closing costs you will receive once you apply for a loan. The amounts provided above for Estimated Total Closing Costs, are estimations based on the state selected. This is NOT a mortgage loan approval or commitment to lend. The actual fees, costs, and monthly payment on your specific loan transaction may vary, and may include city, county, or other additional fees and costs. New Season Mortgage is located at 900 SE 5th st, Ste 22 Bentonville, AR 72712. 479-279-3037 NMLS 1634413. Tamala Stewart, Owner/Loan Officer NMLS 1045205. Nsmloans.com