PMG Launches 1% Down Payment, 2% Grant Program

Panorama Mortgage Group rolled out a new down payment-plus-grant program for first-generation homebuyers.

The 1st Generation Homebuyer (1st Gen) loan program allows eligible borrowers to put down 1% on a home. The company boosts the down payment with a 2% grant, which the borrower is not obligated to pay back.

This elevates borrowers to a 3% down payment for a conventional mortgage, a great loan type for buyers whose income can cover monthly payments but who may struggle to save for a large down payment upfront.

“We believe in dismantling barriers to homeownership and fostering financial empowerment,” said Jason Madiedo, President, and CEO of Panorama Mortgage Group LLC. 

“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 program is available to buyers who are the first in their families to purchase a house, differentiating it from other first-time homebuyer programs. There are no property location or census tract constraints, making it available across the U.S.

PMG calls the program a “significant shift for families entrenched in the cycle of renting.”

Nevada-based PMG is a minority-led IMB licensed in 43 states that focuses on innovative mortgage solutions for underserved communities.

The company spent the last few years focused on expansion, adding multiple groups to their stable in 2022. In its latest move, PMG company Alterra Home Loans promoted Fernando Ospina to president. He originated more than $46 million in loans in 2022.