Looking for a low down payment mortgage option in Florida? The 1% Down Conventional Loan Program from SHL Residential—powered by UWM—makes homeownership more accessible by requiring just 1% down from the borrower.

Whether you're a first-time homebuyer or simply working with a tight budget, this program helps you get into a home with less money upfront.

What Is the 1% Down Loan Program?

This program allows qualified homebuyers to put down only 1% of the purchase price. UWM contributes an additional 2% (up to $7,000) toward the down payment, helping you reach the required 3% minimum for conventional financing.

Who Qualifies for This Low Down Payment Program?

To be eligible, borrowers must meet the following criteria:

• Purchase only (no refinances)
• Credit score of 620 or higher
• 97% Loan-to-Value (LTV)
• Household income must be at or below 80% of the Area Median Income (AMI)

This program is ideal for buyers who meet credit and income qualifications but may not have a large down payment saved.

How the Down Payment Works

• UWM pays 2% of the purchase price or up to $7,000 (whichever is less)
• You pay just 1% of the purchase price out of pocket

This structure reduces your upfront costs, making homeownership more achievable—especially for first-time buyers in Florida.

Loan Terms and Features

• 30-year fixed-rate loan
• Must be a 1-unit primary residence
• Loan must be within standard conforming loan limits
• Works with HomeReady® and Home Possible® mortgage guidelines
• Eligible for DU (Desktop Underwriter) or LPA (Loan Product Advisor) underwriting

What Homes Qualify?

• Only single-unit primary residences
• Condos and PUDs are not eligible
• Property must meet standard appraisal and condition guidelines

Program Restrictions

• Not eligible for condos or PUDs
• Non-occupant co-borrowers are not permitted
• TRAC is not allowed

This program is focused on helping buyers who will live in the home as their primary residence.

Use Extra Savings for More Than Just the Home

Because you’re only paying 1% down, you can use your saved funds for:

• Home repairs or updates
• New furniture
• Moving costs
• Buying down your interest rate for even lower monthly payments

Mortgage Insurance Options

You can choose between:

• Borrower-paid monthly mortgage insurance
• Lender-paid mortgage insurance

Your SHL Residential loan expert can help you decide which is best based on your financial goals.

Rate Buydowns Available

You can take advantage of temporary rate buydown options to reduce your monthly payment for the first 1–3 years of your loan.

Example: How the 1% Down Program Works

Here’s what a typical scenario could look like:

• Home Price: $200,000
• Down Payment from Borrower (1%): $2,000
• UWM Contribution (2%): $4,000
• Loan Amount: $194,000
• Interest Rate: 6.625%
• Monthly Principal & Interest: $1,370.62
• Term: 30 years, fixed

This makes it possible to buy a home without draining your savings.

Start Your Homeownership Journey Today

If you’re ready to buy your first home with just 1% down, contact SHL Residential today. We’ll walk you through your options, determine if you qualify, and help you get the best rate and terms possible.