Lower Launches 1% Down Mortgage Program With Up to $45,000 Grant

2 articles · Updated · National Mortgage News · Aug 5

Lower rolled out “One by Lower,” letting eligible borrowers put down 1% while the lender adds a 2% grant, with assistance of up to $45,000.
The program targets buyers who can afford monthly payments but struggle to save for a down payment; it is open to first-time and repeat buyers, with loans capped at $375,000 and income limited to 80% of area median.
That launch comes as starter homes were 1.5% more affordable in June than a year earlier, Redfin said, though rising mortgage rates have narrowed the improvement since January.
A buyer needed $70,693 in income to afford the typical starter home in June, versus $71,766 a year earlier, while median household income rose to $87,599 from $84,297.
Affordability still varies sharply by market: all starter listings were affordable in 22 of 46 large metros, but none met Redfin’s standard in Los Angeles or San Diego.