The One Program
Simpler Mortgages For Low and Moderate Income Borrowers
Other Lenders | The One Program | |
---|---|---|
1% down payment required | ||
No mortgage insurance required | ||
Limited reserves required | ||
Non-traditional credit allowed | ||
No previous housing history required |
Information in this chart is applicable to the purchase of a primary residence only.
Sample Loan Scenario
The One Program | HomeReady Home Possible | FHA Loans | |
---|---|---|---|
Note Rate | 6.500% | 6.625% | 6.500% |
Principle & Interest | $3,160.34 | $3,201.55 | $3,215.64 |
Monthly MI | $0.00 | $329.17 | $229.17 |
Total Monthly | $3,160.34 | $3,530.72 | $3,444.81 |
Increase in Monthly Payment vs. The One | N/A | $370.38 | $284.47 |
Loan Assumptions
Loan Amount: $500,000 ($508,750 FHA)
Term: 360 months
FICO: 700
LTV: 97%
Conv. BPMI: 0.79
FHA Upfront MIP Rate: 1.75%
MSA/County: Los Angeles
Recognized as a top mortgage lender
Frequently Asked Questions
Does this Program require Mortgage Insurance?
What is the borrower minimum required down payment?
Can I use a gift as my down payment?
What is the maximum loan to value for this program?
What is the minimum FICO score for this program?
Do you have to be a first time homebuyer to qualify?
"The loan team at Quontic Bank was fantastic! They helped me and my family to buy our first house. As immigrants, we have experienced many difficulties and obstacles, but they walked us through the best path and today we can say we own our own house. Highly recommended bank. Thank you."
"My loan officer and his team looked after me from A-Z. I was extremely glad as a person with non-US sourced income to be able to buy my dream apartment in NYC – without Quontic’s focus on niche borrowers like me, I quite simply would not have been able to purchase my new West Village home. Thank you, Quontic!"
“Despite having a substantial down payment and excellent credit score, I was turned down by other institutions because I did not meet their income requirements, so I called Quontic Bank. They specialize in loans that are made for investors or buyers who cannot meet conventional mortgage requirements. Thank you. Quontic.”
"I had a great experience with my loan officer. Everyone was responsive, thorough, and professional. They were able to provide a loan based on my specific needs, which was not possible through other lenders. Highly recommend and will be coming back again in the future."
"Excellent! I can’t believe it, I got my new home on time, 30-years fixed rate and no income check! I live in California, no matter they are in NY, all process we are doing by phone and email. They are professional. They know what documents need and help you to reach it. Thank so much to them!"
Disclaimer:
1All lending products are subject to approval. Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. This does not represent an offer to enter into a loan agreement. Other requirements, restrictions & limitations apply. Information is accurate as of August 15, 2024 & is subject to change without notice.
Bankrate is a registered trademark of Bankrate, LLC. Google and the Google logo are registered trademarks of Google LLC. Zillow is a registered trademark of Zillow, Inc.