The SCOOP! Blog by ChangeMyRate.com®

3% Down Conventional Mortgage Loans Are For Real

December 22nd, 2019 8:54 AM by Jackie A. Graves, President

First time home buyers can put as little as 3% down and get conventional financing (no longer confined to the FHA only box). And there are no prohibitive restrictions; in fact if two people are buying a home, only one of them need be a first time buyer.

Standard FannieMae underwriting guidelines and standard PMI coverage and costs apply. There is no catch.

This is a significant mortgage financing tool that will help first time buyers move into the active home buyers’ pool.

The limited-down-payment-first-time-home-buyer market has always been the domain of FHA financing as the primary option and this market segment has historically been sorely underserved. But FHA mortgage insurance (MIP) costs have become prohibitively expensive (and permanent), and for many first time buyers the economics just didn’t work.

Posted by Jackie A. Graves, President on December 22nd, 2019 8:54 AM

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