American Pacific Mortgage 1% Home Program

What is American Pacific Mortgage 1% Home Program?

American Pacific Mortgage 1% Home Program is a grant for homebuyers in Statewide, California.

• 1% down + 2% lender grant = 3% total down. Combines with HomeReady or Home Possible conventional first mortgage.
• Borrower puts down 1%, lender contributes 2% — total 3% effective down payment. Available on Fannie Mae HomeReady or Freddie Mac Home Possible loans.
• Funding comes from American Pacific Mortgage.

How much assistance does it provide?

American Pacific Mortgage 1% Home Program provides assistance worth 0.02% of the purchase price, as set by the program.

• The program asks buyers to contribute 1% borrower personal funds.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

American Pacific Mortgage 1% Home Program is structured as a grant, so it is not repaid.

• Repayment is triggered by none (grant).
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

American Pacific Mortgage 1% Home Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

American Pacific Mortgage 1% Home Program sets its income limit as follows: At or below 80% area median income (per HomeReady/Home Possible).

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

American Pacific Mortgage 1% Home Program can be used for Single-family, Condo, Townhouse.

Where does it apply?

American Pacific Mortgage 1% Home Program serves buyers purchasing in Statewide, California.

How do you apply?

Applications for American Pacific Mortgage 1% Home Program go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Required - HUD-approved.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.