Lower announced on Wednesday the launch of a mortgage program that allows eligible homebuyers to contribute as little as 1% toward a down payment while receiving a lender grant of 2%, up to $4,500.

The program, dubbed ONE by Lower, is designed to reduce the upfront costs of buying a home as elevated home prices, mortgage rates and inflation continue to challenge affordability.

The grant does not have to be repaid and carries no recapture provision or resale restrictions, according to the company.

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