Conventional 97 Loan

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 in Columbia Missouri, Arkansas, Illinois, and Kentucky

 

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.

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