Conventional Loan with 3 Percent Down Payment Buying Home Phoenix
In an attempt to attract more first time home buyers, several banks and mortgage brokers are offering lower 3 percent down payment program for a mortgage. This is a lower down payment than FHA financing, and these loans also usually have lower private mortgage insurance costs. These programs may be a good option for qualified homebuyers who don’t have enough savings for a larger down payment.
Conventional Loan 3% Down Payment by Academy Mortgage
- Financing: 97% financing with a 3% down payment (gift funds allowed)
- Mortgage insurance (MI): Flexible plans and payment options for MI. No upfront MI required. Unlike some other loan programs, MI drops off automatically when the loan is paid down to 78% loan-to-value
- One borrower must be a first-time homebuyer
You might be interested: Down Payment Assistance Program available for Buying House in Phoenix area
Bank of America’s Affordable Loan SolutionTM
- Requires a minimum FICO score of 660
- Competitive rates with a down payment as low as 3% (applicants cannot own additional properties at closing)
- Mortgage insurance is not required
- Homebuyer education may be required for first-time buyers through a HUD-approved counseling provider
- Maximum income and loan amount limits apply
Chase’s Standard Agency 97%
- Requires a minimum FICO score of 680
- Designed for first-time homebuyers who have limited cash for a down payment and closing costs
Wells Fargo’s yourFirst MortgageSM
- Requires a minimum FICO score of 620
- Get a conventional mortgage with a down payment as low as 3%
- Homebuyer education may qualify you for an interest rate reduction if your down payment is less than 10%
Keep in mind that, the lower your down payment you are putting down, the higher monthly payment will be.
Swee Ng, Realtor and Phoenix East Valley resident specializing in win-win real estate transaction through great communication and fighting for his clients’ best interest. After all, this is more than real estates, this is about your life and your dreams.
If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us. Contact us today for complimentary consultation.
New Listing in Last 24 hour Phoenix AZ
Search and view your dream home your way
Receive email alert as soon as a Phoenix property matching your criteria hits the market. Be one of the first to see new listings. Simply type in everything you want in a house and save your search here to be notified.
