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With Millennial Home Loans quick online loan application, determining if you qualify for a Conventional Low Down Payment Loan and for how much, has never been easier.
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3% Down Conventional Purchase Loan Program Benefits
- Borrowers can purchase a home with down payments as little as 3% down
- Down payments can come from flexible sources including a family member gift or a loan against a 401k retirement account
- Income based programs offers reduced Mortgage Insurance Rates
- Borrower paid Mortgage Insurance permitted
- Up to 3% Seller paid closing cost assist and Down Payment Assistance programs allowed
- Loan amount up to conforming loan limits of $647,200
- Less restrictive appraisal report requirements than a comparable Government Loan appraisal report
- Safe, secure 15 and 30 Year fixed rate mortgage
Which Program is Best For You?
|Freddie Mac Home Possible||Fannie Mae Home Ready||Freddie Mac Home One|
|Maximum Loan-To- Value||97%||97%||97%|
|Home Buyer Education||Required. MI provided acceptable||Required. From Framework||If all borrowers are first time home buyers required from CreditSmart|
|Income Restrictions (Borrowers Only)||Yes. Click Here||Yes. Click Here||No|
|First Time Homebuyer||No||No||One borrower must be a first- time homeowner|
|Minimum Credit Score||620||620||620|
|Allowable Property Type||One Unit Only||One to Four Unit||One Unit Only|
|Ownership of Other Properties Allowed||No||Yes||No|
|Gift Allowed||Yes||Yes, for one unit only||Yes|
|Co-signers Allowed||No||Yes, with 5% Down||No|
|Reduced Mortgage Insurance||Yes||Yes||No|
Today's Conventional Low Down Payment Loan Interest Rates
Conventional Low Down Payment Loan interest rates change on a daily basis.
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