Nonbank lender Panorama Mortgage Group (PMG) launched a new program that allows first-time homebuyers to take out a loan with a 1% down payment, the company announced on Wednesday. The new offering, known as the 1st Generation Homebuyer program, also includes a 2% grant to reach the conventional down payment minimum of 3%.
“We believe in dismantling barriers to homeownership and fostering financial empowerment,“ Jason Madiedo, president and CEO of Panorama Mortgage Group, said in a statement. “Our 1st Gen loan program is a game-changer, designed to bridge the gap and pave the way for underserved communities to build generational wealth through homeownership.”
The 1st Generation program focuses on borrowers who are the first member in their family to purchase a home. The borrower is under no obligation to repay the 2% grant. Additionally, there are no property location or census tract constraints, making the program accessible within PMG’s nationwide footprint.
PMG offers platforms for human resources, finance, technology, legal and compliance services to its group of lenders.
Founded in 2007 in Las Vegas, Panorama originated from Alterra Home Loans, which carved out a niche by catering to first-time Hispanic homebuyers. In 2019, PMG added two brands, one of which was Legacy Home Loans, which focuses on increasing the Black homeownership rate in America.
In 2022, it added Lone Peak Lending. As a minority-led independent mortgage bank, it is licensed in 43 states.