Exclusive: Lower launches mortgage option with minimum 1% down payment

Lower announced on Wednesday the launch of a mortgage program that allows eligible homebuyers to contribute as little as 1% toward a down payment while receiving a lender grant of 2%, up to $4,500. The program, dubbed ONE by Lower, is designed to reduce the upfront costs of buying a home as elevated home prices, mortgage rates and inflation continue to challenge affordability. The grant does not have to be repaid and carries no recapture provision or resale restrictions, according to the company. “I got into this business to help more people achieve the American dream of owning a home, which remains one of the most powerful ways to build wealth in this country,” Lower CEO Dan Snyder said in a statement. “With ONE by Lower, we’re launching an innovative new mortgage product and investing millions of dollars to help our members achieve homeownership and build a strong financial future.” Under the program, Lower provides a grant equal to 2% of the home’s purchase price, capped at $4,500. The grant does not have to be repaid, carries no recapture provision and does not create a second lien on the property. Craig Montgomery, president of Lower’s retail division, told HousingWire in an i...