A new program has been launched that requires just 1 percent down. In addition, the product enables higher debt-to-income ratios.
The program utilizes a conventional loan with a 97 percent loan-to-value ratio. Borrowers are given a 2 percent grant, leaving just a 1 percent down payment.
Making the loan product even more appealing is an expanded DTI ratio — which can be as high as 50 percent — and expanded sources of income.<
Source: Mortgage Daily