Union Home Mortgage (UHM), an independent mortgage banking company, reports that it has provided more than $1 million of support to low-to-moderate income first-time homebuyers through its 1% Down Payment Assistance Program.
Since December of 2023, the program has helped more than 400 families achieve the dream of homeownership with an average grant size of approximately $2,700.
In a release, Bill Cosgrove, CEO for Union Home Mortgage, says the DPA program “has been hugely impactful for people across the country.”
“Homeownership is a foundational piece of the American dream and we’re committed to helping folks from all walks of life achieve it,” Cosgrove says. “This program has been so important for low and moderate income families, putting them in a position to build wealth and gain stability by owning a home. We will continue to place an emphasis on advancing homeownership through innovative programs like this and our commitment to communities through the Union Home Mortgage Foundation.”
Through UHM’s 1% Down Payment Assistance Program, homebuyers can put as little as 1% down towards the purchase of a home and Union Home Mortgage will provide an additional 2% towards their down payment. The program is available to homebuyers eligible for the Fannie Mae Home Ready and Freddie Mac HomePossible Programs, which are both designed to provide increased flexibility and options to low-income borrowers.
Union Home Mortgage lends nationwide with a portfolio of products spanning Fannie Mae, Freddie Mac, FHA, VA, USDA and other conforming and non-QM loan products.