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Fall in Love With a 1% Down Payment on Your New Home

New 1% Down Payment Home Loan | Logan Utah Home Loans

***Unfortunately our 1% down payment mortgage program has ended, but there are still a lot of low down payment options available to you. Please give us a call to discuss your options.***

If you’ve been struggling to save for a down payment, this program can put you on the fast track to home ownership.


The *1% down payment mortgage offers incredible benefits. First of all, your down payment is only 1% of the purchase price. Conventional loans require that you put at least 3% towards a down payment, but with this program you only pay 1% AND you receive a 2% gift from the lender, giving you a total of 3%. The gifted funds don’t have to be repaid and there are no strings attached.

Second, this home loan provides options with no mortgage insurance. Mortgage insurance is an insurance policy that protects the lender in the case that you default on your mortgage. Unfortunately it falls on you, the buyer, to pay for this insurance. Mortgage insurance can significantly increase your monthly mortgage payment.

Finally the 1% down mortgage works everywhere. Over the years buyers looking to purchase a home within city limits have been required to pay at least 3% down while buyers in rural areas have enjoyed lower down payment options. With this home loan, you only have to put 1% down anywhere, city or rural.


In order to receive the 2% gift from our lender, they ask that you meet the following requirements:

  • Your 1% down payment contribution can come from your own funds or be gifted by a family member, but it cannot come from a grant or second mortgage

  • You need to have a credit score of 700 of higher

  • Non-occupant co-borrowers are not allowed

  • If you are a first time home buyer, you are required to take a free, online home buyer's educational course

  • ​The lender's definition of a first time home buyer is anyone who has not had interest in a property in the last 3 years

  • Approval is subject to area medium income

*1% Down Payment, 30 Year Fixed Rate Mortgage, 4.086% Annual Percentage Rate (as of 9/20/2016)

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