Lower, the homeownership platform designed to help first-time homebuyers build wealth, has rolled out ONE by Lower, a new mortgage program designed to help homebuyers save for a down payment.
According to the Columbus, Ohio-based company, eligible buyers contribute as little as 1% down from their own funds, while Lower provides a 2% lender grant, up to $4,500, toward the down payment. The grant does not require repayment, has no recapture provision, and carries no resale restrictions.
ONE by Lower is available to eligible first-time and repeat homebuyers. To help ensure the program benefits buyers with the greatest need, the maximum loan amount is $375,000, and total household income cannot exceed 80% of the Area Median Income (AMI) where the property is located.
“Every day, we meet buyers who have the credit and income to afford a mortgage but can’t overcome the hurdle of saving for a down payment,” said Craig Montgomery, chief strategy officer at Lower and president of Lower’s Retail Division. “These are the first responders, teachers, mail carriers, and countless others who keep our communities running. ONE by Lower removes one of the biggest barriers to homeownership, making it possible for more hardworking Americans to buy a home and begin building long-term wealth.”
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