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.
Characteristics of 3% Down 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 Mortgage
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 Columbia regional office has many locations in the states of Missouri, Arkansas, Illinois, and Kentucky. We have all the resources needed to make your dream a reality. Are you ready to move forward with your next home purchase? A local mortgage broker will guide you every step of the way. Apply now and find out if you qualify for a 3% down payment loan.