3% Down Payment Mortgage

Conventional loans require anywhere from 3-5% down-payment depending on the specific program. Fannie Mae and Freddie Mac both offer a first time home buyer program which will allow only 3% down for qualified borrowers and USA Mortgage will be granting 2% of that which will make it more affordable for first time home buyers.

3% Down Payment Mortgage - USA Mortgage


Characteristics of 3% Down Payment Mortgage



There are income limits per average median income of counties.
Borrowers don’t have to be first-time homebuyers.

Properties must be owner-occupied.

Borrowers can’t own any other property.

 


3% Down Payment Program


Conventional loans will have PMI if there is less than 20% downpayment/equity. There are no up-front fees added to the loan and the PMI varies based on credit scores, the amount of down-payment and other factors. Buyers will have options of doing the monthly PMI or buying up-front via lender paid MI or borrower paid MI.
Plus 3% down payment program needs Homeowner education.

 


USA Mortgage Advantage


Full-service lender serving state of Missouri.

In-house processing, underwriting and funding.

Accepts some lower and no credit scores for these loans.

Offers competitive rates and fees.

 

Apply for 3% Down Mortgage

 

USA Mortgage ‘s Columbia, Missouri branch has the resources needed to make your dream a reality. If you are ready to move forward with your next home purchase, contact us to get started.

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