Key facts
- Lower has launched a new mortgage program called ONE by Lower.
- The program allows eligible homebuyers to put down a minimum of 1% of the purchase price.
- A 2% lender grant is included in the program.
- The lender grant is capped at $4,500.
- The program aims to help offset upfront costs for homebuyers.
- High home prices and interest rates are cited as challenges the program addresses.
Lower has introduced a new mortgage program named ONE by Lower, which permits eligible homebuyers to secure a mortgage with a minimum down payment of only 1% of the property's purchase price. This program is intended to address the significant financial barriers presented by current high home prices and elevated interest rates. To further assist buyers, the ONE by Lower program incorporates a 2% lender grant. This grant is designed to help offset the substantial upfront costs associated with purchasing a home, though it is capped at a maximum of $4,500. The introduction of this program by Lower signifies an effort to enhance accessibility to homeownership for a broader segment of the market that may be deterred by prevailing economic conditions.