Conventional Loan 3% Down Payment buying a house in Phoenix AZ

Conventional Loan 3% Down Payment for buying a house in Gilbert AZ

Conventional Mortgage Loan 3% Down is a Fannie Mae program that requires a minimum down payment of 3% for homebuyers with limited funds. This is a lower down payment than FHA financing, and these loans also usually have lower mortgage insurance (MI) costs.

Our Lender Partner – Academy offers 30-year fixed-rate Conventional Mortgage Loan 3% Down loans with these benefits:

• Financing: 97% financing with a 3% down payment (gift funds allowed). Closing costs may be paid by the property seller, employer-assistance, or with gift funds.
• 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.
• Qualifications: The loan must be approved through Fannie Mae’s automated Desktop Underwriter system. One borrower must be a first-time homebuyer.
• Eligible properties: One-unit, primary residence; planned unit development (PUD), and Fannie Mae-eligible condominiums.

Other Affordable Financing Options Available
Several low down payment financing options including; Down Payment Assistance Program, FHA 3.5% 0.5% Down Financing, VA ZERO Down Financing, Conventional Financing and others are available. Contact Us to find out what loan programs you qualify for. Learn more about how to buy a house in Phoenix AZ with a low down payment.

If you are looking to buy or sell your home in Phoenix AZ area, we hope you will consider us.